17 Insurers See Ratings Updates

November 20, 2012

Jennifer Morrell

The revised outlook follows the publication on Nov. 12, 2012, of QBE’s market update on its 2012 forecast results. A preliminary estimate of losses from Hurricane Sandy of between $350 million and $450 million, as well as an increase in projected prior-year reserve strengthening for the full year to $380 million, has led the QBE group to revise its projected insurance profit margin for 2012 to 8% from 12%. As a result, the previously anticipated recovery in consolidated, risk-adjusted capitalization to a strong level, following deterioration in 2011, is not expected to materialize by year-end 2012.

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