It was the other way several years ago but QBE lost trust due to...

It was the other way several years ago but QBE lost trust due to constant surprises. As a result they are now trading at a discount. Andrew appears to be beavering away without making too much noise. His strategy for the US makes sense from what I have seen. The specialty business makes a lot of money where the mid market was high cost and marginal at best. Would love to see QBE put out a pro forma on what their results would look like without the US mid market. Take a look at the likes of Great American and their results in the specialty sector in the US where they are predominately specialty . Andrew knows the Specialty part of the market very well from his last job. What he doesn't probably know well is what was previously QBE's domain in Australia being SME / Commercial. They were the go to market but I don't believe so now and their relevance has potentially waned.