The 'A+' rating on Vero Insurance Ltd. (VIL) reflects the insurer's core status within the Suncorp-Metway Ltd. (Suncorp-Metway bank; A+/Positive/A-1) group of companies. The non-life operations form a key part of the broader Suncorp-Metway group, which has a strong market position in the Australian non-life insurance segment following the acquisition of Promina Group Ltd. (Promina; A/Positive/--) in March 2007. The Promina acquisition has also enabled the Suncorp-Metway group to enlarge its market presence in life insurance and wealth management. The rating on VIL also reflects the combined strength of the operating companies of the Suncorp-Metway group. VIL and other operating companies of the Suncorp-Metway group are considered core to the group. Suncorp-Metway Ltd. is a registered bank and the holding
