QBE gets rating upgrade
Standard & Poor’s (S&P) has upgraded QBE Insurance’s counterparty credit rating from A- to A.
The ratings agency has also affirmed QBE’s core operating entities’ insurer financial strength ratings at A+ and upgraded the ratings on US subsidiary QBE Regional Companies from A to A+.
S&P credit analyst Derryl D’silva says the insurer’s entry into the Australian lenders mortgage insurance industry last year is an additional source of diversification for its earnings.
“The upgrade reflects our view that QBE’s solid track record of operating cashflows sourced from well-diversified business and geographic streams will support QBE Group’s ability to service holding company obligations,” he said.
The ratings agency has also affirmed QBE’s core operating entities’ insurer financial strength ratings at A+ and upgraded the ratings on US subsidiary QBE Regional Companies from A to A+.
S&P credit analyst Derryl D’silva says the insurer’s entry into the Australian lenders mortgage insurance industry last year is an additional source of diversification for its earnings.
“The upgrade reflects our view that QBE’s solid track record of operating cashflows sourced from well-diversified business and geographic streams will support QBE Group’s ability to service holding company obligations,” he said.