175 million is starting to get up there as far as the buy back...

175 million is starting to get up there as far as the buy back goes. I suppose you could take a slight positive in the constantly poor SP as it gave them the opportunity to repurchase a greater number of shares. QBE first started looking like good value to me in 2011/12 and I've been constantly wrong about them ever since! Luckily my average price is just over $13 and I've always just held on the basis that surely they can eventually get it right but it really was unclear at the time just how much of a mess the previous management had left them in. They've probably been the most consistent under performing large cap stock on the market for a number of years now.