I have to say Peppie - when it comes to reactions, nothing is a...

I have to say Peppie - when it comes to reactions, nothing is a surprise anymore.
We see a profit of $1.9bn..thats right, profit, and the stock is pushed beyond the realms of fear.

Fear is a powerful thing. We can participate in it or we can profit from it for the long term. With due respect, the two issues you raise that QBE face are soft and is driven by the macro environment rather than systemic problems within the organisation - such as greed or moving away from its bread and butter.
The way a business handles itself in the midst of panic (world wide panic, mind you) sets the tone of how they manage owner funds - and QBE was the contrarian. A good sign in my opinion. A solid business run by business people who have been in the game (the insurance game) a long time.

Anyhow, investors should ignore the crowd. This is a market so movements, however irrational happen. The long term speaks for itself. Let the fear run its course because when rationality sets back in - only the strong survive. QBE is one of them.