O’Halloran's capital QBE legacy

Frank O’Halloran's legacy won't be marred by today's unpleasant QBE result, which still saw the insurer outperform most of its industry.

Today’s results – a 45 per cent slump in earnings and a decimated dividend – were in line with the shock update QBE gave the market last month but with another unpleasant twist. At a point where QBE’s share price is at levels not seen since the aftermath of September 11, QBE is raising up to $600 million of new capital through an institutional placement of $450 million and a retail share purchase plan.

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