QBE announces 2010 half-year results

Thursday, August 19, 2010

(New York, NY) - Following the release of QBE Insurance Group Limited 2010 half-year results earlier today, QBE the Americas division announces its half-year results.

"Overall results from the Americas Division demonstrate continued profitability despite a difficult economic climate," said QBE the Americas President and CEO John Rumpler.

Gross written premiums were up 13.0 percent to more than US$2.3 billion, compared to half-year 2009, due to high client retention, new distribution channels, growth from acquisitions and increased production from selected partners.

The Americas Division combined operating ratio was 91.0 percent, a commendable result in comparison to our peers. This result reflects higher than expected catastrophe losses in the first half of 2010.

"We will continue delivering quality service, focusing on customer retention, building partner relationships and developing new and innovative product and distribution channels," Rumpler added. "We remain confident in maintaining sound profitability in 2010."

QBE the Americas is part of QBE Insurance Group Limited, one of the top 25 insurers and reinsurers worldwide. QBE Insurance Group's 2010 results can also be found at www.qbeusa.com. Headquartered in Sydney, Australia, QBE operates out of 49 countries around the globe, with a presence in every key insurance market. The Americas division, headquartered in New York, conducts business through various property and casualty insurance subsidiaries in eight countries. QBE is rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's.