QBE Announces 2009 Americas Results

NEW YORK, April 27 /PRNewswire/ -- QBE the Americas recently announced 2009 results with the release of its annual report, which can be found in its entirety at www.qbeusa.com.

"Overall results from the Americas Division are encouraging, especially in light of the current economic conditions for our industry, with soft commercial lines pricing and fierce competition," said QBE the Americas President and CEO John Rumpler.

Gross written premium totaled nearly US$4.0 billion, up 7.0 percent from 2008, due to good client retention, growth from acquisitions, and increased production from selected partners.

The Americas Division combined operating ratio was 89.7 percent, a significant improvement over 2008's 93.6 percent. This profitable result is a reflection of significant contributions from all business units, lower catastrophe losses and in particular the achievements of the division's U.S. Agencies. As a particular satisfying outcome, 2009 accident year loss ratios were well within expectations helping to drive the result, reflecting a disciplined approach to pricing and risk selection.

"We will continue delivering quality service, focusing on customer retention, product innovation and strategic diversification," Rumpler added. "We remain confident in achieving and maintaining sound profitability in 2010, despite the difficult climate."

QBE the Americas is part of QBE Insurance Group Limited, one of the top 25 insurers and reinsurers worldwide. QBE Insurance Group's 2009 results can also be found at www.qbeusa.com. Headquartered in Sydney, Australia, QBE operates out of 47 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 and Poor's.

SOURCE QBE Insurance Group