Global insurer QBE now has a class 4 license in Bermuda, providing the reinsurance arm, QBE Re, with further optionality in the balance sheets it offers its cedants.
In a recent LinkedIn post, QBE Re said, “This is a great complement to the underwriting capability we have been building in Bermuda over recent years.
“We look forward to working with our partners in 2025 to deliver this new capability.”
This announcement follows AM Best recently assigning a Financial Strength Rating of A and a Long-Term Issuer Credit Rating of “a+” to QBE Capital (Global) Ltd. QBE Capital Ltd., with a stable outlook.
These ratings reflect QBE’s balance sheet strength, which AM Best assesses as very strong, along with its strong operating performance, favourable business profile, and appropriate enterprise risk management.
AM Best takes these subsidiaries’ role and strategic importance to the QBE group into consideration, being the key entities providing reinsurance protection to its operating companies. QBE’s groupwide external reinsurance programme is centralised in the companies.
Both QBE Capital Global and QBE Capital benefit from implicit and explicit support from the QBE group, including contingent capital and letter of credit facilities.
