As a hedge WMP over WGP seems a no-brainer. After all as a holder you obviously don't think a large fall is likely or you'd be out already, so you're simply looking for a bit of insurance (no pun intended). At 10c or per share you're protected to a downside of $6.50 for the next 9 weeks. In that time one of 2 things will happen. Either QBE will fall susbstantially or it will hold. If it falls, exercise the put, if it holds you lose 10 cents WITH the option of moving into the WGP at a price that will be more than 10c lower (based on a 3:1 ratio) than it is now. The worst case scenario is a close just above 650 at the end of July but you can't cover every base.
