Tuesday, February 28, 2012
(New York, NY) - Following yesterday's release of QBE Insurance
Group Limited 2011 results, QBE North America announced its
"Overall results from the North America Division are strong,
despite a year of increased frequency and severity of
weather-related claims," said John Rumpler, President and CEO of
QBE North America. "Difficult investment markets have affected most
insurers, but our outlook for 2012 is positive."
For QBE North America, gross written premium was up 63 percent
to $7.5 billion in 2011, an increase from the $4.6 billion written
in 2010. Premium growth benefited from several recent acquisitions,
including NAU Country in 2010, and the Balboa portfolio and
RenaissanceRe's U.S. operations in 2011.
North America's 2011 combined operating ratio was 90.6 percent,
compared to 89.1 percent last year. Underwriting profit was up 35
percent to $378 million.
"While our immediate focus has been on consolidating and
integrating our acquisitions to date, we are also concentrating on
delivering improved customer service and underwriting discipline,"
Rumpler said. "We are confident in maintaining our sound
profitability in 2012."
QBE North America is part of QBE Insurance Group Limited, one of
the top 20 insurers and reinsurers worldwide. QBE Insurance Group's
2011 results can also be found at www.qbeamericas.com.
Headquartered in Sydney, Australia, QBE operates out of 52
countries around the globe, with a presence in every key insurance
market. The North America operation, headquartered in New York,
conducts business through various property and casualty insurance
subsidiaries. QBE insurance companies are rated "A" (Excellent) by
A.M. Best and "A+" by Standard & Poor's.