A.M. Best Europe – Rating Services Limited has commented that it expects to assign a financial strength rating (FSR) and an issuer credit rating (ICR) to UK-based QBE Re (Europe) Limited) on or shortly after 30 September 2012.
Best said it’s taking the action following the “UK court decision on 7 September 2012 to approve the completion of the cross border merger into QBE Re (Europe) Limited of QBE Reinsurance (Europe) Limited (Ireland) and Secura NV (Belgium). All three companies are subsidiaries of QBE Insurance Group Limited (QBE) (Australia). The merger will be effective on 30 September 2012.”
Best also explained that “QBE Re (Europe) Limited will play a key role in the QBE group as its non-Lloyd’s vehicle for writing reinsurance business placed in European markets. QBE Re (Europe) Limited is a subsidiary of QBE Insurance (Europe) Limited, which has an FSR of ‘A’ (Excellent) and ICR of “a+”. QBE Reinsurance (Europe) Limited has an FSR of ‘A’ (Excellent) and an ICR of “a+”. The outlook for all ratings is stable.” However, Best does not currently issue ratings for Secura NV.
Source: A.M. Best.