QBE Europe sees GWP drop while COR stays flat
January and February UK floods cost provider over £85m.
QBE’s Europe business has reported gross written premium (GWP) of $2.7bn (£1.6bn) for the first half of 2014.
This is a 13% reduction on the the $3.1bn reported for the same period of last year.
The company attributed the decrease to exiting of non-core and poorly performing businesses and heightened competition.
Combined operating ratio (COR) for Europe remained flat at 95.6% while insurance profit before tax rose $3m to $111m.
The provider does not report separately on its UK business, but it
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