QBE announces 2012 results
NEW YORK, Feb. 26, 2013
NEW YORK, Feb. 26, 2013 /PRNewswire/ -- Following yesterday's release of QBE
Insurance Group Limited 2012 results, QBE's North America operations announced
its year-end results.
"2012 was a difficult year for North America as a severe drought across many
parts of the U.S., in combination with Superstorm Sandy and prior-year
portfolio adjustments provided a challenging backdrop," said John Rumpler,
President and CEO of North America operations. "The organization benefited
from rate increases in 2012 and we expect positive pricing trends to continue
across most of our portfolios."
For North America, gross written premium declined to $6.5 billion, compared to
$7.5 billion the year before. The benefits of a hardening premium pricing
cycle were offset by reduced revenue from lender-placed homeowners insurance,
lower crop prices and the resulting declines in business stemming from
portfolio improvement initiatives.
North America's 2012 combined operating ratio was 106.8 percent, compared to
90.6 percent last year. Net earned premium decreased 12.5 percent to $3.5
billion compared to $4.0 billion for the prior year, consistent with the
decline in gross written premium.
"Our underlying combined operating ratio is fundamentally sound," Rumpler
said. "The upturn in the insurance pricing cycle, combined with changes we
made in 2012 to address some underperforming portfolios, along with gains in
operational efficiency, position us well to return to profitable growth in
QBE also announced that effective April 1, John Rumpler will leave QBE to
pursue other interests. David Duclos will succeed Rumpler as Chief Executive
Officer of QBE North America operations. Duclos has an extensive background in
insurance, notably with Cigna and recently as Chief Operating Officer and
Chief Executive of Insurance Operations at XL Group.
Rumpler was appointed CEO in 2009 and has been instrumental in the successful
consolidation of QBE's rapidly expanding North American operations during a
time of economic and industry challenges.
QBE's North America operations are part of QBE Insurance Group Limited, one of
the top 20 insurers and reinsurers worldwide. QBE Insurance Group's 2012
results can also be found at www.qbena.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 Insurance Group Limited
Contact: Paula Symons, Marketing & Communications, +1-608-825-5029,
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