QBE European Operations plc

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QBE European Operations plc Annual report 2011 26 Strong and growing market presence QBE is one of the world’s top 20 insurers and reinsurers and has been established in the UK since 1904. At QBE we understand the importance of security in the insurance decision-making process and the strength of our ratings and financial backing gives us a real advantage in the market. QBE has offices in 52 countries, backed by A+ ratings by S&P and Fitch. Our approach is one of leading not following, so when it comes to product design or setting the terms and conditions we take the initiative. Financial strength QBE EO has total assets of £13.8 billion and a strong financial rating of A+/stable. The value of our assets (net of dividend payments) has grown by 156% over the last 10 years through a combination of successful acquisitions and organic growth. A+ /stable * More information on ratings is available on page 09 Europe-wide strength QBE EO has more than 100 years’ experience in the UK. We have offices in Birmingham, Bristol, Chelmsford, Glasgow, Leeds, London, Manchester, Stafford and in Dublin, Ireland. In mainland Europe, we have subsidiaries in Belgium, Denmark, Macedonia, Norway and Ukraine; we operate as a branch of QBE Insurance (Europe) Limited (QIEL) in Bulgaria, Czech Republic, Denmark, Estonia, France, Germany, Hungary, Italy, Romania, Slovakia, Spain, Sweden, Switzerland and the United Arab Emirates. In addition, we have representative offices in Sydney, Australia; Singapore; Toronto, Canada; and Tokyo, Japan. More information on Europe-wide strength is available on page 19 Strength in underwriting Our underwriters target a cross-cycle return of 15% on allocated capital on all business lines regardless of the insurance cycle. We have achieved an average COR of 93.5% over the last 10 years which have all delivered an underwriting profit. * Rated by Standard & Poor’s as at March 2011. Combined operating ratio 2011 2010 2009 2008 2007 96.6% 97% 93% 93% 92% 88%
QBE European Operations plc Annual report 2011 27 QBE Casualty Syndicate 386 has an S&P Lloyd’s Syndicate Assessment of 5/stable, the highest award available. QBE Syndicate 2999 has a rating of 4-/stable demonstrating strength and durability. Financial review
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QBE European Operations plc

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