Credit Ratings

Please find below a table outlining QBE Insurance Group Limited's issuer credit rating and operating entity financial strength rating from all four of the major rating agencies that rate QBE Insurance Group Limited.

 

Agency  Insurer Financial Strength (FSR) Issuer Credit Rating (ICR) 
 Rating Outlook Rating Outlook Effective Date
Standard & Poor's  A+ Stable A- Stable 01/06/2018
 AM Best A Stable bbb + Stable 13/06/2018
 Fitch Ratings A+ Stable A- Stable 24/07/2018
 Moody's A1 Negative A3 Negative 14/06/2018
Entity  S&P A.M. Best   Fitch Ratings Moody's 
FSR - Long Term  Outlook FSR - Long Term  Outlook   FSR - Long Term Outlook  FSR - Long Term  Outlook 
 QBE Seguros Buenos Aires SA - - - - - - Ba2 Negative
 QBE Insurance (Australia) Ltd. A+ Stable - - - - A1 Negative
QBE Insurance (Australia) Ltd. (NZ Branch)  A+ Stable - - - - - -
QBE Insurance (International) Pty Ltd  A+ Stable - - - -
QBE Lenders' Mortgage Insurance Ltd. A+ Stable - - AA- Stable - -
 Equator Reinsurances Ltd A+ Stable - - A+ Positive A1 Negative
QBE General Insurance (Hong Kong) Ltd  Stable - - - - - -
QBE Hong Kong & Shanghai Insurance Ltd  A Stable  - - A+ Positive - -
 QBE Mortgage Insurance (Asia) Ltd. A Stable - - - - - -
 QBE Seguros Puerto Rico - - A- (Excellent) Negative - - -
QBE Insurance (Singapore) Pte Ltd  A Stable - - - - - -
QBE European Operations PLC  A- Stable - - - - - -
QBE Insurance (Europe) Ltd  A+ Stable A (Excellent) Stable A+ Positive A1 Negative
QBE Re (Europe) Ltd  A+ Stable A (Excellent) Stable A+ Positive A1 Negative
 QBE Underwriting - Syndicate 0386 5 Stable - - - - - -
 QBE Underwriting - Syndicate 2999 5 Stable - - - - - -
General Casualty Company of Wisconsin  A+ Stable A (Excellent) Stable - - - -
 Generally Casualty Insurance Company A+ Stable A (Excellent) Stable - - - -
 Hoosier Insurance Company A+ Stable A (Excellent) Stable - - - -
NAU Country Insurance  A+ Stable A (Excellent) Stable - - - -
 National Farmers Union Property and Casualty Company A+ Stable A (Excellent) Stable - - -
North Pointe Insurance Company  A+ Stable A (Excellent) Stable - - - -
Praetorian Insurance Company  A+ Stable A (Excellent) Stable - - - -
QBE Insurance Corp  A+ Stable A (Excellent) Stable A+ Positive - -
 QBE Reinsurance Corp A+ Stable A (Excellent) Stable A+ Positive - -
 QBE Specialty Insurance Co A+ Stable A (Excellent) Stable - - - -
Regent Insurance Company A+ Stable A (Excellent) Stable - - - -
Southern Fire & Casualty Company A+ Stable A (Excellent) Stable - - - -
 Southern Pilot Insurance Company A+ Stable A (Excellent) Stable - - - -
 Stonington Insurance Company A+ Stable A (Excellent) Stable - - - -
 Unigard Indemnity Company A+ Stable A (Excellent) Stable - - - -
 Unigard Insurance Company A+ Stable A (Excellent) Stable - - - -
 QBE Blue Ocean Re Limited A+  Stable - - - - - -
QBE Europe NV/SA   A+ Stable - - - - - -
                                                                                                                                     

Please find a brief and general description of the difference between the insurer financial strength ratings and issuer credit ratings and a general description of a rating outlook:

Insurer financial strength ratings (FSR) – an FSR is a forward-looking opinion about the financial security characteristics of an insurance organisation. It is this rating that buyers of insurance and reinsurance (and some service providers) focus on as it describes the ability of an insurer to meet its obligations (e.g. the ability to pay its claims).

Issuer credit ratings (ICR) – an ICR is a forward-looking opinion about overall creditworthiness in order to pay financial obligations. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Fitch’s equivalent term for the ICR is an Issuer Default Rating (IDR). For example, when QBE is issuing debt or bonds, then lenders (banks) or other potential investors (in debt) will focus on this rating as it is designed to assess our ability generally or specifically (in the instance of a debt raising) to meet our financial obligations.

Rating Outlook – rating outlooks indicate the direction a rating is likely to move over a one to two-year period. They reflect financial or other trends that have not yet reached the level that would trigger a rating action, but which may do so if such trends continue. For the more specific definitions used by each rating agency, please see their websites.