AM Best Revises Under Review Status to Developing for Credit Ratings of QBE Seguros

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has revised the implications of the under review status to developing from negative for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” for QBE Seguros (San Juan, PR).

These rating actions follow QBE Insurance Group Limited’s (QBE) recently finalized sale of its wholly owned subsidiary, QBE Seguros, to Grupo Óptima, Inc., a private investor group. Worth noting is the company’s pending name change to Optima Seguros, which is awaiting regulatory approval.

The under review status reflects the change in ownership and a pending meeting with new management to discuss, in detail, the future business plans for the company and any legacy business/liabilities that remain post-transaction. Prior to the announced divesture by QBE, QBE Seguros received explicit and implicit support from QBE and its affiliates, including Equator Reinsurances Limited, which was clearly demonstrated by QBE in the aftermath of Hurricane Maria. Going forward, the ratings of QBE Seguros will be solely based on the company’s stand-alone attributes.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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Edward J. Zonenberg
Senior Financial Analyst

+1 908 439 2200, ext. 5135

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Daniel J. Ryan

Senior Director

+1 908 439 2200, ext. 5325

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Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

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Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

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Source: AM Best