Company Profile: QBE International Insurance

QBE International Insurance, the London market arm of the Australian parent, was significantly affected by the high frequency of natural catastrophes in 1999 in its property portfolio. Its marine excess of loss book was also hard hit. The company’s overall underwriting losses deteriorated by £6mn (US$9mn) to £23mn. As a result, pre-tax profits were down by 32% from £7mn to £5mn in 1999.