QBE wholly owned Lloyd's syndicate Limit has received a ratings boost from Moody's, which upgraded Limit syndicate 2999 from B (Average) to B+ (Above Average) following a six-month review.

Moody's indicated the upgrade resulted from the syndicate's above average capital support, management controls, its diversified book and strengthened marine results.

Syndicate 2999 capacity for this year is £780 million ($1.8 billion), representing a boost from the previous year's £660 million ($1.51 billion). It comprises five autonomous sub-syndicates focusing on various classes of insurance - reinsurance, marine and energy, non-marine liability, non-marine property and casualty, and aviation.

QBE's Lloyd's operation represents about 20% of the insurer's overall gross written premium, with syndicate 2999 accounting for 15%. QBE is responsible for syndicate 2999's entire capacity.

Meanwhile, QBE has rebranded its Irish operations and launched a new QBE Ireland subsidiary under the leadership of Frank Hynes.

QBE Ireland represents an amalgamation of the insurer's three primary Irish insurance businesses - DA Constable Syndicate (Ireland), Ensign and QBE Insurance (Europe).

QBE's Irish book has a bias towards leisure and sports but the company is planning to offer professional indemnity cover early next year.

QBE Ireland will employ a dedicated team of underwriters in Dublin, alongside QBE Re Europe, which opened for business last month.