Global diversification spreads insurance risk, with upside from rising long-term interest rates.
We believe QBE Insurance's competitive advantage in underwriting has weakened to such an extent the firm no longer warrants a narrow economic moat rating. Consequently, we downgrade the global insurer's moat rating to no moat. QBE Insurance has struggled for years to generate acceptable underwriting profits in North America, its largest region, representing 32% of 2017 gross written premium, or GWP. South America, representing 6% of group GWP, and Asia Pacific with 5% of group GWP have also disa...QBE Insurance Group engages in underwriting general insurance and reinsurance risks, management of Lloyd's syndicates and investment management. Co.'s segments are: North American Operations, which writes general insurance and reinsurance in the U.S.; European Operations, which writes general insurance in the U.K., Canada and mainland Europe; Australian and New Zealand Operations, which underwrites general insurance risks in Australia and New Zealand; Emerging Markets, which writes general insurance in North, Central and South America and provides personal, commercial and general insurance covers in the Asia Pacific region; and Equator Re, which provides reinsurance protection in Bermuda.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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