AM Best has upgraded the financial strength rating of QBE UK to "A" (excellent) from "A-" (excellent) and the issuer credit rating to "a" from "a-".
The outlook for both ratings is stable.
AM Best also announced that it has upgraded QBE International.
In a statement the ratings agency said: "The rating upgrades factor implicit support and the additional financial flexibility afforded by QBE UK's ultimate parent QBE Insurance Group."
It added that it expected QBE UK's strong risk-adjusted capitalisation to improve by year-end 2005.
“The improvement is expected to arise largely as a result of a 30% reduction in net premium income following the transfer in 2005 of QBE UK's participation in the Ensign commercial motor portfolio to its parent company, QBE International Insurance,” AM Best said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
