QBE Announces 2010 Results

Monday, February 28, 2011

(New York, N.Y.) - QBE Insurance Group released its 2010 financial results today. In regard to the Americas Division, gross written premium totaled $5.165 billion in 2010, an increase from the $4.0 billion written in 2009. The Americas 2010 combined operating ratio was 89.7 percent, unchanged from the previous year.

"QBE the Americas continues to focus on its core strategy, delivering sound returns to its shareholders, through the continued product and geographic diversification of our portfolio," says John Rumpler, President and CEO of QBE the Americas. "The quality acquisitions undertaken in the U.S. and Latin American markets in 2010, together with a focus on improving the efficiency and effectiveness of our existing businesses, have supported the performance of the division.

"The investments we are making in product, process and technology will enhance and improve our delivery of greater value and service to our clients and intermediary partners. Along with the benefits from the recently announced acquisitions to be completed during the first half of 2011, this sets the Americas Division to build further on our profitability objectives," Rumpler says.

For more detailed financial results for QBE Insurance Group and its Americas Division, download the annual report and market release on qbe.com.

QBE Insurance Group Limited is one of the top 25 insurers and reinsurers worldwide. 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 eight countries. QBE Insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard and Poor's.