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
"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
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.