QBE Sees $250 Million Net Loss in 2013 on North America
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QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, plunged the most in 12 years after forecasting an unexpected loss due to writedowns at its North American operations.
The company predicts a $250 million loss for the year to Dec. 31. That compares with a mean estimate of a $1.07 billion profit for this year from 11 analysts surveyed by Bloomberg, and a $761 million profit recorded for the previous 12 month period. The shares fell 22 percent in Sydney, the biggest daily drop since September 2001.