A.M. Best Places Ratings of QBE Re Group - U.S. Under Review with Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed 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 ratings (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 under review with negative implications. This rating action follows the announcement that 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) intends to acquire 100% of the outstanding stock 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 (both domiciled in Aurora, CO). QBE Re's ratings will remain under review pending A.M. Best's review of QBE Re's risk-adjusted capital position at the completion of the transaction, which is expected to close September 30, 2005, subject to regulatory approval. A.M. Best expects a level of support to be provided by QBE's ultimate parent, QBE Insurance Group Limited (Australia) to fund the transaction. The FSRs of A- (Excellent) and ICRs of "a-" of National Farmers Union Property and Casualty Company and United Security Insurance Company remain unchanged as a result of the announcement. The FSR of A (Excellent) and ICRs of "a" have been placed under review with negative implications for QBE Re Group - U.S. and its following subsidiaries: --QBE Reinsurance Corporation --QBE Insurance Corporation --QBE Specialty Insurance Company For Best's Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 330 reinsurance companies, please visit http://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 http://www.ambest.com. |
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