Standard & Poor's Ratings Services has affirmed its long-term 'A+' counterparty credit and insurer financial strength ratings on non-life insurer QBE Insurance (UK). The outlook is stable.
At the same time, the ratings were withdrawn at the company's request, following the successful completion of the legal transfer of its insurance business, assets, and liabilities to core affiliate QBE Insurance (Europe). (A+/Stable/--).
S&P's said the decision of the QBE group to amalgamate the business transacted by the two legal entities is in keeping with its ongoing initiative to streamline its European operations.
