QBE Insurance is having a moment. Two years ago we had no shortage of things to fret over, with a failing workers’ compensation unit in Argentina, the risk of a capital raising, and growing competition in the USA and Australia. But the company’s prospects have improved and the stock is up more than 25% since its February lows.
Yes, Australia experienced relatively kind weather last year and so catastrophe claims were low. That certainly helped. But management still deserves a gift basket – QBE’s turnaround is due to more than luck.
More focused operations