While many other insurers – locally and internationally – are struggling to stay away from a negative ratings creditwatch, local insurance group QBE is doing well, thanks. It has just had its A+ insurer financial strength and counterparty credit ratings on the group’s core insurance operating subsidiaries affirmed.

Standard & Poor’s (S&P) said the ratings “reflect QBE’s established track record of solid operating profitability, diversified business model, high level of reserve sufficiency, and detailed underwriting and reserving processes”.

“Moderating features are the company’s moderate market profile in international insurance and reinsurance markets and its exposure to generally riskier commercial, financial risks, and reinsurance lines.”

S&P credit analyst Kate Thompson said that while QBE enjoys a very diversified business base both geographically and by products, “the lines within which the company operates are generally riskier, and material positions are held in commercial and reinsurance markets”.