US operations lead QBE’s premium growth

The Australian insurance group recorded its first profit decline since 2002 following catastrophe losses

The QBE Group consolidated its position as Australia’s largest international insurer in 2008 with a 6% increase in gross premiums to A$13,142mn. Net retained premiums increased by 8.6% to A$11,087mn, as a consequence of reducing premiums ceded to reinsurers from 16.0% in 2007 to 12.9% in 2008.