Fitch Ratings on March 9 placed the A(col) national-scale rating of Colombian insurer QBE Seguros SA under Watch Evolving, following the decision of its Australian parent, QBE Insurance Group Ltd., to sell its Latin American operations to Swiss company Zurich Insurance Group AG for an aggregate price of $409 million.
While the transaction is ongoing, the rating agency said it will track QBE Seguros' movements while considering the strategic importance of the acquisition in Colombia. QBE Seguros currently enjoys partial support from its shareholder, which would become Zurich.
Fitch downgraded QBE Seguros in February as the company's losses as of December 2017 placed negative pressure on the insurer's equity base.
