Insurance rating agency AM Best has affirmed the A-minus (Excellent) financial strength rating of Iron Trades Insurance Company to reflect the company's excellent capitalisation, improved business position, less volatile investment strategy and improving operating performance.
AM Best said Iron Trades also benefited from the support and commitment of its ultimate parent company, QBE Insurance Group, Australia.
The rating has also been removed the "under review" status applied on 21 September 2001. Iron Trades was placed under review to reflect concerns about the QBE Group's potential losses from the World Trade Centre disaster and its implications for the group's European subsidiaries.
It added that the main offsetting factors were the company's historically poor operating performance, albeit mainly attributable to discontinued lines, and the challenge presented by a still overly competitive UK employers' liability market.
Iron Trades had no WTC exposure and therefore has no requirement for capital increases, AM Best said.
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