QBE reports rise in European profits

Frank O Halloran QBE

Gross written premium increased 8% to $2.41bn (H1 2009: $2.23bn), in pounds sterling, QBE said it was up 6% to £1.57bn.

Net earned premium rose to $1.23bn (H1 2009: $1.19bn), or flat in pounds sterling, while combined operating ratio stood at 88.4% (h1 2009: 89.9%).

In a statement, QBE said: “Generally soft market conditions continue to prevail; however, there are some encouraging signs that we are at the bottom of the cycle for most classes with an upturn predicted by 2012. The London insurance

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