I too believe that QBE would be too big to swallow (even parts...

I too believe that QBE would be too big to swallow (even parts of it) but we are in unusual times

1) general insurers are suffering extremely low share prices and at the right point of the cycle for M&A
2) QBE is a relatively top performer measured by operating performance
3) european insurers are getting fired up for M&A and are in good shape as regulation fears requiring capital raising have abated - finance is available and they have showed their hand for M&A

QBE price has held up well recently - tending to outperforming the market until today - natural base forming? Need a swing higher in US markets to move higher - happy for it to form a base in 16.50-to-17 range