Fitch upgrades QBE financial strength ratings to AA minus
By Michael Jones
June 23 - (The Insurer) - Fitch Ratings has upgraded the insurer financial strength rating of QBE Insurance to AA-minus from A-plus and its long-term issuer default rating to A from A-minus.
The rating agency said the upgrades reflected the group's sustained improvement in financial performance along with its solid capitalisation metrics.
Fitch said QBE's performance has become less volatile, with reserve risk volatility expected to decline following recent reserve transactions, which it said reinsured up to $3.5 billion of long-tail reserves in the North American and international divisions.
However, Fitch said that it expects QBE's financial leverage ratio to rise to around 26% on a pro forma basis, from 20% in 2024, due to its recent redemption of additional Tier 1 securities and issuance of Tier 2 notes.
This is slightly above Fitch's guidelines but it anticipates gradual improvement as capital accumulates.
The rating agency said its outlook for QBE is stable.
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