QBE's acquisition strategy contributes to Moody's downgrade
QBE's "aggressive pace of acquisitions" has led Moody's to downgrade the outlook of the insurer's senior debt ratings from 'stable' to 'negative'.
The ratings agency said that the change in outlook was based on an increasingly aggressive financial leverage profile and acquisition-based intangible assets, among other considerations.
Alan Murray, lead analyst for QBE, said of the rating: "Notwithstanding a very substantial test for the company in 2011 from record catastrophe and single-risk losses, QBE managed to sustain its profitable track record with strong underlying ex-catastrophe underwriting margins, and to keep its regulatory capital
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