Fitch Ratings has affirmed QBE’s long-term issuer default rating at A-, its subsidiaries’ insurer financial strength ratings at A+ and says the outlook is stable.

“The affirmation… reflects its solid capital ratios, adequate financial leverage ratios, historically strong underwriting performance and a low-risk investment portfolio,” the ratings agency says.

“The group’s operational efficiency program and other remediation efforts support future operating performance, reserve adequacy has improved and weak interest-coverage ratios continue to strengthen.”

QBE’s operations are supported by sound aggregate management and a comprehensive reinsurance program.

“We assess QBE’s capital ratios as strong based on coverage of regulatory minimum requirements… financial flexibility has improved on a stronger operating performance and lower leverage,” Fitch says.