AM Best has assigned a financial strength rating of A (Excellent) and a long-term issuer credit rating of a+ (Excellent) to QBE subsidiaries QBE Capital Global Bermuda and its immediate parent, QBE Capital.

Its outlook for the two businesses, which provide reinsurance protection to QBE’s operating companies, is stable.

The ratings reflect QBE’s balance sheet strength, which AM Best assesses as very strong, and its strong operating performance, favourable business profile and “appropriate” enterprise risk management.

The agency says QBE’s external reinsurance program is centralised in the two companies, and both benefit from support from the QBE group, including contingent capital and letter of credit facilities.