Standard & Poor's (S&P) announced on Wednesday it had assigned its single-'A'-plus insurer financial strength rating to Bermuda-based Equator Reinsurances Ltd. Equator Re, a captive reinsurer, was formed in 1983 to provide internal reinsurance to the Australian QBE Insurance Group Ltd..The rating reflects the guarantee from QBE Reinsurance (Europe) Ltd., which has a single `A'-plus rating from S&P. The ratings agency said that Equator Re's developing business profile, relatively small captive base and lack of proven track record limit its stand-alone credit strength.