For UK and Lloyd’s market brokers, the standout line in this result is QBE’s own admission that “premium rates moderated further in property and select Lloyd’s portfolios, where profitability remains attractive” – a rare piece of insurer-side confirmation that brokers can use directly in renewal negotiations on behalf of clients in those lines. The group’s International division, which houses UK and European business, reported an improved combined operating ratio of 91.6%, down from 92.5%, aided by growth in QBE Re, select Lloyd’s portfolios and its Portfolio Solutions facilities business.
