AM Best has put the ratings of QBE Insurance Group and its subsidiaries under review with negative implications
Following the announcement that QBE is to acquire Winterthur US from AXA, AM Best has placed the issuer credit rating of “bbb+” of QBE Insurance Group under review with negative implications. In addition, the agency has placed all financial strength ratings (FSR), ICRs and debt ratings of QBE's subsidiaries under review with negative implications.
At the same time AM Best has placed the financial strength rating of A- (Excellent) and the ICR of “a-” of the Winterthur US Group and its members under review with positive implications.
Pending regulatory approval, the transaction is expected to close in the second quarter of 2007, as is QBE's acquisition of the Praetorian Financial Group, announced in December 2006. All of the ratings will remain under review to enable AM Best to assess the combined impact of the planned acquisitions of Winterthur US Group and Praetorian Financial Group.
