Tuesday, April 27, 2010
(New York, NY) - 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.
