QBE accuses regulator of delay

Australian insurance group QBE has claimed that regulatory delays in defining capital requirements were holding it back from making acquisitions. At the announcement of the group’s strong half-year profits, chief executive Frank O’Halloran said QBE was considering some small and large acquisitions but he complained that progress was hindered by the delay of the Australian Prudential Regulatory Authority (APRA) in setting capital requirements for non-operating holding companies.