Fitch affirms QBE Europe's A+ rating as stable
Fitch Ratings has affirmed QBE Insurance Group’s long-term issuer default rating at A and its subsidiaries’ - including QBE Europe - insurer financial strength (IFS) ratings at A+.
Fitch described the insurer’s outlook as stable, and stated that the affirmation “reflects the group's historically strong operating performance and resilient earnings despite the increased frequency of large and catastrophe losses in 2011”.
The ratings agency also highlighted the group's prudent underwriting and reserving, and conservative approach to investments.
Fitch said that these positive attributes were somewhat offset by a trend towards lower capital ratios and higher financial leverage
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