Helped by recent acquisitions, QBE Insurance, Australia’s second largest general insurer after NRMA, posted a strong 56 percent gain in interim net profits to A$122 million (U.S.$64.4 million) for the first half of the year.
QBE became one of the largest insurers in the Lloyd’s market by acquiring Limit plc, and also took over a lot of business from HIH, following its collapse in March. Gross written premiums reached nearly U.S. $1.6 billion, a 60 percent increase, while loss ratios remained steady at around 102 percent.
The fact that QBE was able to do so well in a difficult year bodes well for the future, especially in the Lloyd’s market where rates are generally expected to increase. The company remains on target to achieve a full year result in excess of U.S.$ 130 million.
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