QBE issues profit downgrade

Insurer sees loss of $250m on North American writedowns, Becker set to succeed Hutchinson as chairman in March.

QBE Insurance (QBE) expects to swing to a full-year net loss, due mostly to good will writedowns from its North American business.

In a statement to the Australian Securities Exchange, QBE said it expects to report a full-year net loss of $250 million, compared to a net profit of $761 million in the previous year.


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