QBE's acquisition strategy contributes to Moody's downgrade

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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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