AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a+" (Excellent) of QBE Europe SA/NV (Belgium), QBE UK Limited (United Kingdom), QBE Capital (Global) Ltd. (Bermuda), QBE Capital Ltd. (Bermuda) and the pooled members of QBE North America Insurance Group (see list below). These companies are key operating subsidiaries of QBE Insurance Group Limited (QBE) (Australia) [ASX: QBE], the non-operating holding company of the QBE group of companies. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect QBE's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.