QBE maintains rating status despite profit warning
Credit rating agencies Fitch and AM Best have both reaffirmed their ‘excellent’ level ratings on QBE following it announcement on 12 January that group profits would be up to 50% lower than the $1.3bn (£834m) announced in 2010.
Fitch stated that the outlook was stable for the group and its subsidiaries in reaffirming the group's long-term issuer default rating of A. It also highlighted that QBE Insurance (Europe) had an insurer financial strength of A+.
Similarly, AM Best gave a financial strength rating of A (excellent) and issuer credit rating of A+ for QBE Insurance (Europe).
In a statement AM Best noted that higher than expected catastrophe losses in the second half of the yea,r combined with a volatile investment
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