qbe share price, page-3

Twinsen,

Global 10 year govt yields have come back circa 40 to 50 basis points in the last 5 weeks. This is the major reason for the stagnant share price for Qbe.

Unfortunately, this is beyond mngt control.

In terms of underwriting issues, the first 4 months of the year have been relatively benign cat months so we should expect a significant upgrade to earnings if this can continue for may & june.

I suspect mngt will continue maximising these lower interest rates by re-financing other debt facilities. Already achieved $USD600 million 5 year unsecured corporate debt at 2.4%, i would have thought you were crazy if somebody told me this 5 years ago.