Standard & Poor’s (S&P) has released new ratings for large insurers and reinsurers under its revised criteria.

The new framework took effect on May 7 after “extensive consultation with the industry”, according to Director Financial Services Michael Vine.

“It is more consistent and the outcome of a rating is now far more transparent in terms of how we roll up to it.”

Most ratings have been affirmed, while the revised ones have generally moved just one notch, Mr Vine says.

“Changes were generally around short-term, subsidiary and holding company ratings,” he told insuranceNEWS.com.au. “There was really very little movement.”

QBE’s core operating entities had their financial strength ratings affirmed at A+ and the outlook was raised from negative to stable, based on the view its capital position is about to improve.

At the holding company level, QBE’s credit rating was moved down from A to A-.

This reflects a new requirement for non-operating holding companies to be rated two notches lower than core operating entities; it “does not represent any underlying deterioration in QBE’s credit profile”.

“QBE is one of the few insurers in the world to have retained an unchanged insurer financial strength rating over the past decade,” QBE Group CEO John Neal said.

“We recognise the importance of this rating in demonstrating the company’s financial strength to our partners and customers.”

AIG Australia’s financial strength rating was downgraded from A+ to A.

Ace Insurance (Australia) was revised down from AA- to A+, with the outlook moved from stable to positive.

Ace Insurance (New Zealand) had its financial strength rating lifted from A to A+ and its outlook revised from stable to positive.