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Standard & Poor’s Ratings Services announced that it has affirmed its long-term “A+” counterparty credit and insurer financial strength ratings on U.K.-based non-life insurer QBE Insurance Co. (U.K.) Ltd. with a stable outlook.

At the same time S&P said it has withdrawn the ratings at the company’s request. The action follows the “successful completion of the legal transfer of its insurance business, assets, and liabilities to core affiliate QBE Insurance (Europe) Ltd. (A+/Stable/–),” said the bulletin.

S&P also noted that the “decision of the QBE group to amalgamate the business transacted by the two legal entities is in keeping with its ongoing initiative to streamline its European operations.”