AM Best has assigned an issuer credit rating (ICR) of “bbb+” to QBE Insurance Group, the group’s non-operating holding company.

A financial strength rating of A (Excellent) has been assigned to QBE Insurance (International) and the financial strength rating of Irish-based QBE Reinsurance (Europe) has been upgraded to A (Excellent) from A- (Excellent).

AM Best has also assigned an ICR of “a+” to both of these companies. The ratings agency believes QBE is likely to develop its position in its core markets during this year and next year through possible acquisitions of insurers, underwriting teams and portfolios.

This development is likely to result in a 25% growth in premium income before next year, combined with organic growth.