A welcome lack of bad news or write-downs at yesterday’s annual meeting of global insurer QBE in Sydney. The insurer instead had good news for shareholders saying that it is on track to hit its guidance on financial performance this year, with premiums rising and investment returns in line with expectations.
Shares in insurer QBE jumped more than 5% yesterday at one stage after the company failed to shock investors with bad news and instead turned in solid improvement in profit for 2018 and more to come - so long as nature remains well-behaved.
Macquarie assesses offshore results and the company's US crop performance. The broker concludes that re-pricing is slightly more positive than expected and US crop performance is somewhat better than long-term averages.
Hurricane Florence is set to make landfall on Friday on the east coast of the US. Morgan Stanley observes QBE's catastrophe budget has US$635m remaining for the second half. The benign first half leaves US$900m aggregate largely preserved, lifting capacity for large losses to US$1.5bn.