Summary: QBE Underwriting - Syndicate 2999 Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Service's assessment on QBE Underwriting - Syndicate 2999 (the syndicate) reflects the strength of support provided to the syndicate by its membership of the strategically aligned Australia-based QBE Insurance Group Ltd. (QBE or the group; A/Stable/--; core operating subsidiaries are rated A+/Stable/--). It also benefits from its strong enterprise risk management (ERM) capabilities and improved recent earnings momentum. These positive factors are partially offset by doubts surrounding the syndicate's ability to consistently outperform the Lloyd's Market average. Syndicate 2999 is closely strategically aligned with QBE. It forms an integral part of the group's operation at Lloyd's, which Standard & Poor's considers core to QBE. The syndicate brings significant diversification benefits and underwriting expertise to the group....

Companies mentioned in this report are: QBE Underwriting - Syndicate 2999,Lloyd's
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

QBE Underwriting - Syndicate 2999,Lloyd's

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