Friday, August 19, 2011
(New York, NY) - Following yesterday's release of QBE
Insurance Group Limited 2011 half-year results, QBE the
Americas Division announces its half-year results.
"Overall results from the Americas Division demonstrate
continued improvement in profitability despite challenging industry
conditions and the continuing impact of catastrophes and U.S. storm
and tornado activity," said QBE the Americas Chief Executive
Officer John Rumpler.
Gross written premiums were up 50 percent to $3.5 billion,
compared to $2.3 billion at half-year 2010. This was due to several
recent acquisitions-the Balboa Insurance portfolio and the
RenaissanceRe U.S. operations earlier this year, NAU Country in
2010, and Seguros Colonial, which expanded the company's reach into
Ecuador last year.
The Americas Division combined operating ratio was 88.9 percent
in the first half of 2011, compared to 91 percent during the same
time last year.
"We will continue to deliver a diverse range of products while
focusing on customer service, underwriting discipline, product and
technology innovation, and leveraging scale benefits," Rumpler
added. "We remain confident in maintaining sound profitability in
QBE the Americas is part of QBE Insurance Group Limited,
one of the top 20 insurers and reinsurers worldwide. QBE Insurance
Group's 2011 half-year results can also be found at qbe.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 10
countries. QBE insurance companies are rated "A" (Excellent) by
A.M. Best and "A+" by Standard & Poor's.