Fitch Ratings on Dec. 24 resolved its Watch Evolving status on Colombian insurer QBE Seguros SA's national scale rating by affirming it at A(col).

At the same time, Fitch withdrew the rating for commercial reasons.

The affirmation and withdrawal follows Colombian regulators approving Zurich Insurance Group AG's acquisition of QBE Seguros from Australia-based QBE Insurance Group Ltd.

The deal was announced in February as part of a wider transaction in which QBE Insurance agreed to sell its Latin America operations to Zurich for an aggregate price of US$409 million.

According to Fitch, QBE Seguros will be a strategically important subsidiary for Zurich Insurance.