Key Management Changes Expected to Drive QBE’s Long-Awaited Recovery. AUD 13 FVE Unchanged
We welcome senior management changes at narrow-moat global general insurer QBE Insurance Group and expect reinvigorated leadership to drive the business recovery forward. There is no change to our AUD 13 fair value estimate, and at current prices around AUD 10.60, the stock is trading 18% below our valuation. Despite our confidence in management’s ability to restore investor confidence in the business, another setback surfaced in late December with the surprise announcement of a AUD 132.5 millio...QBE Insurance Group engages in underwriting general insurance and reinsurance risks, management of Lloyd's syndicates and investment management. Co.'s segments are: North American Operations, which writes general insurance and reinsurance in the U.S.; European Operations, which writes general insurance in the U.K., Canada and mainland Europe; Australian and New Zealand Operations, which underwrites general insurance risks in Australia and New Zealand; Emerging Markets, which writes general insurance in North, Central and South America and provides personal, commercial and general insurance covers in the Asia Pacific region; and Equator Re, which provides reinsurance protection in Bermuda.
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