QBE BUY BACK, page-8

Quote - "While the Group’s three large operating divisions are currently on track to report results in line with budget, Emerging Markets has experienced significantly higher than expected claims activity during the first five months of the year which is expected to cause THAT division to report a first half combined operating ratio of around 110%."

What am I seeing here?? One small division is delivering below expectations. Three large divisions are in line with expectations. At $11.60 the share price is down about 13%. Surely this fall is based on the poor performance over the past several years that everyone thought had now ended. If you cannot understand that insurance is based on probabilities then you should not invest in insurance.

This is and INSURANCE company. Claims, weather etc are variable and results will vary. We actually have the bulk of the company doing reasonably well. We also have interest rates, particularly in the USA, rising nicely and they are always a significant part of insurance company profits. I fail to see why this is not now a screaming BUY!!