S&P affirms QBE

Standard & Poor's said it had affirmed its A+ insurer financial strength and counterparty credit ratings on the core operating entities of QBE Group, along with the A- insurer financial strength and counterparty credit ratings on the group's holding company, QBE Insurance Group Ltd.

The outlook is stable.

The ratings reflect QBE's track record of solid underwriting and operating performance, well-diversified business profile, strong competitive position and underwriting and reserving practices, S&P said.

Moderating the ratings is QBE's limited market influence outside Australia, reasonable reliance on third-party reinsurance and involvement in some high-risk lines of business, the agency said.

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