International rating agency Fitch has affirmed its ratings and outlook for QBE
, it has been announced.
The agency said that the insurer will keep its long-term issuer default rating (IDR) of ‘A-‘ and its insurer financial strength rating (IFS) of ‘A+’ with an outlook of stable.
Fitch also affirmed the IFS or QBE
Lenders Mortgage Insurance of ‘AA-.’
In a statement, the ratings agency backed the changes the business made over the last two years which led to a $1 billion turnaround in February last year
“The affirmation of QBE
's ratings reflect its very strong capital ratios, solid financial leverage ratios, historically strong underwriting performance - which is supported by sound aggregate management and a comprehensive reinsurance programme - and a low-risk investment portfolio.
“The group's operational efficiency program and other remediation efforts are supportive of future operating performance, reserve adequacy has improved and previously weak interest coverage ratios are strengthening,” the statement continued.
The news comes as the business announced three new leadership hires for its intermediary distribution team
as the business looks to boost its work alongside brokers.