News: QBE QBE Insurance Sees 1H24 Gross Written Premium $13.1B

June 19 (Reuters) - QBE Insurance (QBE) :

• SEES 1H24 GROSS WRITTEN PREMIUM IS EXPECTED TO BE $13.1B
• STRATEGIC REVIEW OF NORTH AMERICA MIDDLE-MARKET
• HAS DETERMINED IT WILL COMMENCE AN ORDERLY CLOSURE OF ITS NORTH AMERICA MIDDLE-MARKET SEGMENT
• QBE HAS DETERMINED IT WILL COMMENCE AN ORDERLY CLOSURE OF ITS NORTH AMERICA MIDDLE-MARKET SEGMENT
• WILL BEGIN NON-RENEWING MIDDLE-MARKET POLICIES ACCORDING TO APPLICABLE STATE REGULATIONS, WITH GROSS WRITTEN PREMIUM EXPECTED TO BEGIN REDUCING IN FY24
• RESTRUCTURING CHARGE OF $100M BEFORE TAX WILL BE RECORDED IN THE FY24 RESULT TO ACCOUNT FOR COSTS ASSOCIATED WITH BUSINESS CLOSURE
• CONTINUES TO EXPECT FY24 GROUP CONSTANT CURRENCY GROSS WRITTEN PREMIUM GROWTH IN MID-SINGLE DIGITS
• SEES TOTAL INVESTMENT INCOME IN FIVE MONTHS TO MAY-2024 WAS $643M, WHICH IMPROVED FROM $406M IN 1Q24

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