Definitely managed poorly and I'm still not sure how to divide...

Definitely managed poorly and I'm still not sure how to divide that blame between O Halloran and Neil but in fairness it's been my own poor investment so only myself to blame. The strange thing about QBE was it was a bit of a slow motion train wreck over about 5 years and most people didn't pick up on just how much of a mess the company was in (including plenty of analysts who have often put a buy on it throughout this period). In about 11/12 it looked like a bit of a beaten up still blue chip company but in reality they had just senselessly built up a whole chunk of unrelated businesses without much scale or pricing power and then totally lost track of them. It's like the previous CEO was just buying companies for something to do. I can't believe they were over $30 and highly regarded at one point.