A.M. Best Affirms Ratings of QBE Re Group - U.S. and Its Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (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 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 "a" 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 Re) (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) and its subsidiaries. The rating action 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), QBE Insurance Corporation (Philadelphia, PA) and QBE Specialty Insurance Company (Bismarck, ND). At the same time, A.M. Best has affirmed the FSR of A- (Excellent) of NFU NFU National Farmers Union (Denver, CO and Washington, DC) NFU National Farmers’ Union of England and Wales NFU No First Use NFU Norwegian Farmers' Union NFU North Florida University Group (Greenwood Village, CO) and its subsidiaries and the ICR of "a-" of National Farmers Union Property and Casualty Company and United Security Insurance Company (both of Greenwood Village, CO). The rating outlook is stable for all companies. The rating reflects QBE Re's strong risk-adjusted capital position, strong underwriting controls and favorable operating performance in recent years. The rating also reflects the support of the group's ultimate parent, QBE Insurance Group Limited, one of Australia's largest insurance/reinsurance organizations, which has provided capital and reinsurance support in recent years. The group received a total of $200 million of capital contributions from its parent from 2003 through 2005 to support the U.S. group's premium growth and other initiatives. Additionally, QBE Re further benefited in 2004 and 2005 from a catastrophe cover placed by the parent group, limiting net U.S. hurricane losses. In previous years, the group benefited from affiliated reinsurance protections, including protection for the facultative casualty business. Despite industry-wide pricing pressure, A.M. Best believes that premium growth in program manager-produced business is partially mitigated by QBE Re's commitment to maintaining pricing adequacy and prudent underwriting controls over this business. QBE Re's acquisition of National Farmers Union Property and Casualty Company and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , United Security Insurance Company, in 2005 allows QBE Re to expand its business in regional states and classes of business that are complementary to its existing sizeable operations. For current Best's Ratings, independent data and analysis on more than 330 reinsurance companies, please visit www.ambest.com/reinsurance. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion