QBE Insurance Group

QBE Insurance has announced the details of its recent US$500m issue of ‘lower tier 2 subordinated convertible debt securities’, but fails to mention at what share price the debt converts into ordinary shares and under what circumstances. While John Neal has been more open about QBE’s issues than his predecessor, the company's recent record of treating shareholders like owners of the business is lousy. Head of investor relations Tony Jackson wouldn’t provide us with key details when we called, and sounded frustrated by similar requests. Should QBE suffer another year of high claims, the US$500m of debt could become...

QBE Insurance has announced the details of its recent US$500m issue of ‘lower tier 2 subordinated convertible debt securities’, but fails to mention at what share price the debt converts into ordinary shares and under what circumstances. While John Neal has been more open about QBE’s issues than his predecessor, the company's recent record of treating shareholders like owners of the business is lousy. Head of investor relations Tony Jackson wouldn’t provide us with key details when we called, and sounded frustrated by similar requests.

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