Fitch affirms QBE’s ratings after acquisition
Fitch Ratings today affirmed the Long-term rating 'A' rating of QBE Insurance Group. At the same time, the Insurer Financial Strength ratings of QBE's main underwriting subsidiaries were also affirmed at 'A+'. The Outlook for all the ratings is Stable. This affirmation follows an announcement by QBE that it has signed an agreement to acquire, subject to regulatory approvals, specialist marine insurer British Marine Holdings Limited.
Founded in 1876, BMH reported gross written premiums in its 2005 financial year of USD121 million, which is approximately3% of QBE's gross written premium. It specialises in underwriting both hull andOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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