QBE (Europe) Ratings “Unaffected” by Branding Change Says S&P

November 10, 2005

Standard & Poor’s Ratings Services announced that its ratings and outlook on the recently rebranded QBE Insurance (Europe) Ltd., rated “A+” with a stable outlook, (formerly QBE International Insurance Ltd.), would be unaffected by the reorganization of the QBE Group’s European operations, planned for the end of the year.

Standard & Poor’s Ratings Services announced that its ratings and outlook on the recently rebranded QBE Insurance (Europe) Ltd., rated “A+” with a stable outlook, (formerly QBE International Insurance Ltd.), would be unaffected by the reorganization of the QBE Group’s European operations, planned for the end of the year.

S&P noted: “As part of its ongoing initiative to streamline its European operations, QBE recently announced that, with effect from Jan. 1, 2006, and subject to the requisite approvals, it plans to transfer the business, assets, and liabilities that currently reside in QBE Insurance Co. (U.K.) Ltd. (A+/Stable/–) into QBE Insurance (Europe) Ltd. QBE Insurance (Europe) Ltd.’s core status, and hence its ratings, will be unaffected by this change.”

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