QBE Announces 2011 Results

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Feb 28, 2012, 04:00 ET

NEW YORK, Feb. 28, 2012 /PRNewswire/ -- Following yesterday's release of QBE Insurance Group Limited 2011 results, QBE North America announced its year-end results.

"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.

SOURCE QBE North America