Ratings agency AM Best has assigned as excellent the ratings it has awarded to Bermudian-registered companies.

It gave a financial strength rating of A (Excellent) and a long-term issuer credit rating of “a+” (Excellent) to QBE Capital (Global) Ltd, (QBE Capital Global) (Bermuda) and its immediate parent, QBE Capital Ltd (QBE Capital) (Bermuda).

AM best said: “The outlook assigned to these ratings is stable. QBE Capital Global and QBE Capital are subsidiaries of QBE Insurance Group Limited (QBE) (Australia), the non-operating holding company of the QBE group of companies.

“The ratings of these subsidiaries reflect QBE’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.”

It added: “The ratings consider QBE Capital Global and QBE Capital’s role and strategic importance to the QBE group, being the key entities providing reinsurance protection to its operating companies.

“QBE’s groupwide external reinsurance programme is centralised in the companies. Both companies benefit from implicit and explicit support from the QBE group, including contingent capital and letter of credit facilities.”