Trading in QBE Shares Suspended

September 20, 2001

The Australian Stock Exchange halted trading in the shares of insurer QBE Insurance Group Ltd. in response to the sharp drop in their value following the announcement of QBE's exposure to large losses from the terrorist attacks in the U.S. (See IJ Website Sept. 18 & 19).

The value of the shares has fallen by more than two-thirds since the attacks, closing at U.S. $1.70, and the company's capitalization dropped to under $1 billion prior to the suspension.