The US business has had some good news in the last few days.
Firstly, the Florida insurance board approved an 18.8% reduction in their lender placed book of approx $500 million premium. Of this, the banks will take a 4% hit in commissions. So, effectively, Qbe will take a 14.8% hit in premium income. This is a much better outcome than what commentators had forcasted in excess of 35 to 40%.
Secondly, their has been significant rain and snow in the midwest farming areas with further rains forcasted. This should help reduce drought claims for crop insurance in 2013
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