QBE Announces 2011 Half-Year Results

NEW YORK, Aug. 19, 2011 /PRNewswire/ -- Following yesterday's release of QBE Insurance Group Limited 2011 half-year results, QBE the Americas Division announces its half-year results.

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"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 2011."

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 www.qbeamericas.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.

SOURCE QBE