QBE should turn its back on US, argue analysts
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About one-third of QBE's profits come from the US but earnings have been hit by heavy claims from severe storms, a drought and a legal stoush over its mortgage insurance business.
In a new report, CLSA analyst Jan van der Schalk argues QBE should "pull up stumps" in the US because its businesses there are a drag on overall performance.
QBE is a key provider of insurance on troubled mortgages known as "lender-placed insurance", which has been targeted by US authorities in recent months. Last week, QBE settled with the state of New York for almost $US10 million after the state alleged insurers in the sector were profiting from paying kickbacks.
Mr van der Schalk said QBE lacked the capital and scale to make a difference in the US and should focus on other countries.
Last year, QBE's US operations made a $US170 million loss. Its settlement last week was not an admission of guilt and it has not said if it will settle with other states.