S&P Raises Rtgs on Iron Trades Ins to A+; Otlk Stable.Business Editors LONDON--(BUSINESS WIRE)--Standard & Poor's June 5, 2001-- Standard & Poor's today raised its long-term counterparty credit and insurer financial strength ratings on Iron Trades Insurance Co. Ltd. (ITIC ITIC Information Technology Industry Council (Washington, DC) ITIC International Teacher Identity Card ITIC International Tsunami Information Center ITIC Irish Tourist Industry Confederation ITIC I Think I Can ) to single-'A'-plus from single-'A'-minus. The outlook is stable. The rating action is based on the support from ITIC's parent, 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. Group Ltd. (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). ), in the form of a net-worth maintenance agreement (NWMA NWMA Northwest Mining Association NWMA North Western Metropolitan Area (UK) NWMA National Woodwork Manufacturers Association NWMA National Western Mining Association ). Under the terms of the agreement QBE has undertaken to ensure that while the agreement is effective ITIC's capital will be maintained at a prudent level; that ITIC will maintain sufficient funds to meet maturing obligations at all times; and that ITIC will remain a 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. . ITIC retains its good stand-alone profile and its strategic importance to the QBE group. ITIC's stand-alone profile is based on its very strong capitalization, good niche position in employers' liability employers' liability: see workers' compensation. insurance, and good prospective operating performance in this sector. These positive factors are partly offset by the company's lack of geographic or product diversity, and the relatively short earnings record in the company's substantially restructured form. ITIC was acquired by QBE in February 2000. Under QBE ownership, ITIC's business focus has changed from broad-based general insurance to writing predominantly U.K. employers' liability. OUTLOOK: STABLE The outlook is based on the continuing strategic importance of ITIC to the QBE group and the maintenance of the NWMA, Standard & Poor's said.---CreditWire |
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