Wow, you must feel great being able to sit at home and pat yourself on the back that your "$12 target price was not a bad guess a month ago" in a market that is down 110 points. I've got a list of stocks that I own, could you give me the prices for the 22nd October? How about I cut that back to just end of play tomorrow?
QBE is riding a stock market wave that is taking every stock with it.....and that's not a "guess", that's a fact.
As for their business, unless I' ve missed something overnight, I haven't heard of another catastrophe that QBE has exposure to and bond rates are still sickly, so what's different from yesterday?
I'll tell you something on a positive note:
QBE sent renewals to their clients with a higher premium than last year and with tighter restrictions on what you can claim, they held onto the $20b in premiums (funds) for one more day, without paying out any further catastrophe claims.
$12 bucks might not be the bottom, (I don' like to guess) but I can assure you that insurance is cycle and when it stops raining, hailing and having the odd tsunami, the premiums will be staying right where they are, the three re-insurers that are 80% of the market will make sure of that.
Pep
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