The market value of QBE Insurance Group dropped by some $5 billion after yesterday's actions by Moody's Investment Services related to the company's expected 2013 net losses of some $250 million, according to news reports.
Moody's reduced QBE's issuer and senior unsecured debt ratings to Baa2 from Baa1, following Monday's announcement by QBE in which the Australia-based property and casualty firm reported the expected losses related to the writedown of intangible assets of some $930 million, and additions to reserves and risk margins of some $670 million.
QBE had noted it incurred unexpectedly large claims after weak crop prices hit its U.S. operations.
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