A.M. Best Affirms Ratings of QBE Insurance Group Limited.Removes From Under Review OLDWICK, NEW JERSEY Oldwick is an unincorporated area within Tewksbury Township in Hunterdon County, New Jersey, United States. The area is served as United States Postal Service ZIP Code 08858. As of the United States 2000 Census, the population for ZIP Code Tabulation Area 08858 was 177. -- A.M. Best Co. has affirmed the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "bbb+" and all debt ratings of QBE Insurance Group Limited (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). ) (Australia). (See below for a detailed listing of the debt ratings.) Concurrently, A.M. Best has affirmed the financial strength ratings (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) and the ICRs of "a+" of QBE Insurance (Europe) Limited (United Kingdom), QBE Insurance (International) Limited (Australia) and 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. (Europe) Limited (Ireland). The outlook for all ratings is stable. These rating actions remove the under review status of the ratings, which was applied on 5 January 2007 to enable A.M. Best to assess the combined impact of the planned acquisitions of Praetorian Financial Group and Winterthur U.S Group. A.M. Best has completed its consolidated analysis of the proposed transactions and believes that QBE is likely to maintain excellent risk-adjusted capitalisation factoring both acquisitions and future operating performance. The following ratings remain unchanged (see A.M. Best's press releases of 14 December 14 2006 and 5 January 2007): * The FSR of A (Excellent) and the ICRs of "a" of QBE Re Group - U.S. (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 ) and its members remain under review with negative implications. * The FSR of A- (Excellent) and the ICRs of "a-" of Praetorian Financial Group (Wilmington, DE) and its members remain under review with developing implications. * The FSR of A- (Excellent) and the ICRs of "a-" of the Winterthur U.S. Group (Wilmington, DE) and its members remain under review with positive implications. The following debt ratings have been affirmed: QBE Insurance Group Limited-- -- "bbb" on the USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 250 million 5.65% subordinated notes, due 2023 -- "bbb+" on the GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 175 million 5.625% senior unsecured notes, due 2009 -- "bbb-" on the GBP 300 million 6.857% perpetual preferred securities issued by QBE Capital Funding L.P. (Jersey) and guaranteed by QBE -- "bbb+" on the USD 375 million 20-year zero coupon senior convertible securities, due 2024 issued by QBE Funding Trust III Ltd. and guaranteed by QBE For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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