A.M. Best Affirms Rating of QBE Re Group - U.S.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 25, 2003 A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of QBE (Query By Example) A method for describing a database query originally developed by IBM for mainframes. A replica of an empty record is displayed and the search conditions are typed in under their respective columns (fields). Re Group - U.S. (QBE) (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY). This rating applies to QBE Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corporation (Philadelphia, PA) and its subsidiaries, QBE Insurance QBE Insurance Group Limited ASX: QBE is an Australian based general insurance provider, providing insurance services mainly to the Asia Pacific region, but also America and Europe. It has offices in 44 countries. Corporation (Philadelphia, PA) and QBE Specialty Insurance Company (Bismarck, ND). The rating outlook is stable. The rating reflects the group's strong risk-adjusted capital position, enhanced underwriting controls and improved operating performance over the past two years. Furthermore, the rating reflects the group's diversified risk portfolio and ability to generate business opportunities through its niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. strategy. The group is the U.S. operating platform within QBE Insurance Group Limited, which is one of Australia's largest insurance/reinsurance organizations. A.M. Best's view of the U.S. group's capital considers $75 million of contributions that will be received from its parent, prior to the end of 2003. Offsetting these strengths is the greater uncertainty with respect to QBE's more aggressive recent growth in gross and net premium volume within specialty classes of business, underwritten through managing general agents (MGAs). Mitigating this concern is the group's commitment to maintaining pricing adequacy and prudent underwriting controls over its MGA (1) (Monochrome Graphics Adapter) A display adapter that employs Hercules Graphics, combining graphics and text on a monochrome monitor. (2) (Matrox Graphics Accelerator) A trade name used by Matrox Graphics Inc. produced business. Additionally, management has limited the group's net exposure from a single catastrophic event to $12 million, which is less than 5% of policyholders' surplus. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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