Ratings

Disclaimer and Terms of Use

Due to legal restrictions, your access to and use of the Ratings website pages is subject to acceptance by you of the following terms and conditions (“Terms of Use”). 

Before proceeding, you should be aware that by accessing any of the material or information on this page or on any page accessed through this page (together, the “Website”) you will be deemed to have read, understood and agreed to the Terms of Use and the terms of the User Agreement set out below.

Without limiting any of these Terms of Use or the terms of the User Agreement, you must not access any of the material or information on this page or on any page accessed through this page, if you are:

  • a US resident; or
  • a non-US resident accessing the website inside the US.

General

No offer

The material on this Website is provided for information purposes only. The material on this Website does not constitute, and is not intended to constitute, an offer, invitation, inducement, solicitation or recommendation to subscribe for or purchase any security or other instrument (including, without limitation, as any of those terms are defined or used in the US Securities Act of 1933, as amended, (the “US Securities Act”), the New Zealand Securities Act 1978, the UK Financial Services and Markets Act 2000 or the Australian Corporations Act 2001 (the "Corporations Act")). Neither this Website, nor any material on this Website, shall form the basis of any contract or commitment in connection with any securities or other instruments whatsoever. No issue or sale of any securities or other instruments described on this Website will occur in any jurisdiction in which such offer, invitation, inducement, solicitation, recommendation or sale would be unlawful.

Limitations on distribution

The material on this Website is confidential, and may not be published, copied, reproduced, distributed or disclosed (in whole or in part).

The material on this Website is for distribution only in such circumstances as may be permitted by all applicable laws (including without limitation the laws of in any jurisdiction in which an investor may be located). Each person accessing this Website confirms that they are a person who is entitled to do so under all applicable laws, regulations and directives in all applicable jurisdictions. Unauthorised use of this Website or misuse of any material on this Website is strictly prohibited.

Limitation of liability

Neither QBE Insurance Group Limited (ABN 28 008 485 014) ("QBE") nor any of its related bodies corporate (together, the "QBE Group") warrants the fairness, accuracy, adequacy, currency or completeness of any information contained in or referred to in the material on this Website. To the maximum extent permitted by law, neither the QBE Group nor its directors, employees, agents or advisers accepts any liability whatsoever for any loss (including, without limitation, any liability arising from any fault or negligence on the part of the QBE Group or its respective directors, employees, agents or advisers) arising from the access or use of, or otherwise in connection with, the material on this Website (whether or not caused by any negligent act or omission). If any law prohibits the exclusion of such liability, the QBE Group limits its liability, to the extent permitted by law, to the resupply of the material on this Website.

Without in any way limiting the above, the QBE Group, to the maximum extent permitted by law, will under no circumstances be liable to any party, regardless of the form of action, for any lost profits or lost opportunity, or any indirect, special, consequential, incidental or punitive damages whatsoever, even if a member of the QBE Group has been advised of the possibility of such damages.

Information from other sources

Without in any way limiting the above, the QBE Group shall not be responsible for the content of any other site accessed via this Website; that information is the responsibility of the site owner and the QBE Group has no control over it. Links to other sites are provided for convenience only and do not represent any endorsement by the QBE Group of the products offered by the site owner. The QBE Group is acting solely in the capacity of a carrier of the information on an “as is” basis by conveying it directly or indirectly from the provider to you. Responsibility for the information remains entirely with the providers of that information. Each user of this Website is responsible for ascertaining the accuracy of information sourced from or attributable to persons other than QBE.

No advice, recommendation or reliance

The material on this Website is of a general nature only and does not contain any recommendations or advice (including, without limitation, any financial, investment, tax, accounting or legal recommendations or advice). A credit rating is not a recommendation by any member of the QBE Group or any rating organisation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organisation.

The material on this Website is not to be relied upon as being fair, accurate, adequate, complete or up to date, or suitable for your intended use. All information is subject to change without notice, and any information may be removed at any time. Neither the QBE Group nor any other party has any duty to maintain or update any materials on this Website.

Before making any investment decision or otherwise acting upon information contained or referred to in this Website, investors should seek independent professional advice that takes into account their financial situation, investment objectives, legal position, particular needs and/or other personal circumstances.

The material on this Website is not to be used for any purpose other than as expressly permitted by these Terms of Use and the User Agreement and it is not to be construed as an indication or prediction of future results.

Any forecasts included in the material on this Website are not to be taken to be representations as to future matters. These forecasts are based on a large number of assumptions and are subject to significant uncertainties, vagaries and contingencies, some if not all of which are outside the control of the QBE Group. No representation is made that any forecast will be achieved. Actual future outcomes may vary significantly from forecasts. 

Conflicts

The QBE Group may have its own interests in relation to the securities or other instruments described on this Website, and these interests may conflict with yours.

 

In Australia

The material on this Website is for distribution only to sophisticated investors, professional investors or other investors for whom disclosure is not required under Part 6D.2 of the Corporations Act, who are also not “retail clients” within the meaning of section 761G of the Corporations Act.

In the United States

The material on this Website is not directed to the United States or to U.S. persons (as defined in Regulation S under the US Securities Act) and any securities or other instruments described on this Website have not been registered under the US Securities Act, and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, absent registration or an available exemption from registration, under the US Securities Act. Due to legal restrictions, access to this Website and the material on it is not available to residents of the United States or to non-US residents inside of the United States.

In the United Kingdom

In the United Kingdom, the material on this Website is directed only at persons who are qualifying high net worth companies, unincorporated associations, trustees and other persons who fall within the exemption created by article 49 of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") and fall within the exemption created by article 19 of the FPO (a “United Kingdom Relevant Person”). The materials on this Website are available only to such persons. If you are a person of any other description, you must not access the material on this Website.

In the European Economic Area

In member states of the European Economic Area (each, a “relevant member state”), the material on this Website is directed only at persons who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) (“Qualified Investors”). If you are a person of any other description, you must not access the material on this Website.

In Singapore

The securities and other instruments described on this Website have not been registered with the Monetary Authority of Singapore.  In Singapore, the material on this Website is directed only at persons who are (i) an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise any person pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA (“Singapore Relevant Person”). If you are a person of any other description, you must not access the material on this Website.

In Japan

The material on this Website is not directed to any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity recognised under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, and may not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law  of Japan (Law No. 25 of 1948, as amended) (the “FIEL”) and any other relevant laws and regulations and ministerial guidelines of Japan. The securities, and other instruments described on this Website have not been and will not be registered under the FIEL.

In Hong Kong

In Hong Kong, the material on this Website is directed only (i) at persons who are “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “SFO”) and any rules made under the SFO; or (ii) at persons in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the “Companies Ordinance”) or which do not constitute an offer to the public within the meaning of the Companies Ordinance. If you are a person of any other description, you must not access the material on this Website.

In Switzerland

The material on this Website does not constitute a prospectus within the meaning of Article 652a and Art. 1156 of the Swiss Code of Obligations, the listing rules of SIX Swiss Exchange or any other applicable law and regulation in force in Switzerland, and has been prepared without regard to the disclosure standards for issuance prospectuses under those laws and regulations. The material on this Website is directed only at persons who are regulated financial intermediaries such as banks, securities dealers, insurance institutions and fund management companies as well as institutional investors with professional treasury operations. The material on this Website has not been nor will be filed with or approved by any Swiss regulatory authority and in particular will not be filed with the Swiss Financial Market Supervisory Authority (“FINMA”) and may not be publicly distributed or otherwise made publicly available in Switzerland.

In all jurisdictions

No representation is made that any action has been taken in any country or jurisdiction by the QBE Group that would permit access to this Website or material on this Website, in any country or jurisdiction where action for that purpose is required.

The QBE Group does not represent, and should not be taken to have represented, that your access to this Website complies with any applicable laws, regulations or directives or any other requirements in any jurisdiction.

You must ensure that your access to this Website complies with all applicable laws, regulations and directives (including without limitation any jurisdiction from which you access this Website and your jurisdiction of residency, whether or not that jurisdiction has been specifically provided for above).

User Agreement

By proceeding to access this Website or any material, you are taken to represent and warrant to, and confirm and agree for the benefit of, to QBE Insurance Group Limited (ABN 28 008 485 014) ("QBE") and its related bodies corporate (together, the "QBE Group") the following:

1. You:

a)    are a sophisticated investor, professional investor or other investor for whom disclosure is not required under Part 6D.2 of the Corporations Act and are not a “retail client” within the meaning of section 761G of the Corporations Act;

b)    are not a resident of the United States, accessing this Website from within the United States or a U.S. person (as defined in Regulation S under the United States Securities Act of 1933), nor are you acting for the account or benefit of a U.S. person;

c)    if accessing this Website from within the United Kingdom, are a United Kingdom Relevant Person;

d)    if accessing this Website from within the European Economic Area, are a Qualified Investor;

e)    if accessing this Website from within Singapore, are a Singapore Relevant Person;

f)     if accessing this Website from within Japan, are not a resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity recognised under the laws of Japan), or a person acting for the benefit of a resident of Japan;

g)    if accessing this Website from within Hong Kong, are a “professional investor” as defined in the SFO and any rules made under the SFO;

h)    if accessing this Website from within Switzerland, are a regulated financial intermediary such as a bank, securities dealer, insurance institution and fund management company or an institutional investor with professional treasury operations; and

i)      regardless of the jurisdiction you are accessing this Website from, you are entitled to access this Website under all applicable laws, regulations and directives and your access to this Website does not violate any applicable laws, regulations or directives (including without limitation the laws of the jurisdiction from which you are accessing this Website and your jurisdiction of residency),

(each such person who satisfies the above conditions being a “Permitted User”).

2. You have read and understood the Terms of Use and agree to those terms, Without limiting this, you acknowledge and agree that the limitations and exclusions set out in the Terms of Use are reasonable having regard to all the relevant circumstances and the levels of risk associated with each party’s obligations under those Terms of Use. 

3. You will keep confidential, at all times, the material on this Website. Without limiting this, you acknowledge, confirm and agree that you will not make a copy of any material on this Website available to, or distribute a copy of or otherwise disclose such material to, any person who is not a Permitted User.

4. You will conduct your own investigation and analysis regarding any information, statements, representations or other material on this Website, and will rely on your own judgement and enquiries, and seek appropriate professional advice in connection with the material on this Website.

Capitalised terms used but not defined in this User Agreement have the meaning given to them in the Terms of Use.

The Terms of Use and this User Agreement are governed by, and will be construed in accordance with, the laws in force in New South Wales, Australia.  The parties submit to the non-exclusive jurisdiction of the courts exercising jurisdiction in New South Wales and any courts that may hear appeals from those courts in respect of any proceedings in connection with the Terms of Use or this User Agreement.

By accessing any of the material or information on this Website you are taken to have read, understood and agreed to the terms of this User Agreement.

Please find below a table outlining QBE Insurance Group Limited's issuer credit rating and operating entity financial strength rating from all four of the major rating agencies that rate QBE Insurance Group Limited.

  Insurer Financial Strength Rating  Issuer Credit Rating
Agency (FSR) (ICR)
  Rating Outlook Rating Outlook Effective Date 
Standard & Poor's A+ Positive A- Positive 29/05/2017 
AM Best A Stable bbb+ Stable 13/07/2017 
Fitch Ratings A+ Positive A- Positive 20/07/2017
Moody's A1 Stable Baa1 Stable 31/07/2017

 

Please find a brief and general description of the difference between the insurer financial strength ratings and issuer credit ratings and a general description of a rating outlook:

(a) Insurer financial strength ratings (FSR) – an FSR is a forward-looking opinion about the financial security characteristics of an insurance organisation. It is this rating that buyers of insurance and reinsurance (and some service providers) focus on as it describes the ability of an insurer to meet its obligations (e.g. the ability to pay its claims).

b) Issuer credit ratings (ICR) – an ICR is a forward-looking opinion about overall creditworthiness in order to pay financial obligations. This opinion focuses on the capacity and willingness to meet financial commitments as they come due. Fitch’s equivalent term for the ICR is an Issuer Default Rating (IDR). For example, when QBE is issuing debt or bonds, then lenders (banks) or other potential investors (in debt) will focus on this rating as it is designed to assess our ability generally or specifically (in the instance of a debt raising) to meet our financial obligations.

c) Rating Outlook – rating outlooks indicate the direction a rating is likely to move over a one to two-year period. They reflect financial or other trends that have not yet reached the level that would trigger a rating action, but which may do so if such trends continue.

For the more specific definitions used by each rating agency, please see their websites.