re; qbe pricing, page-111

"Yields are far from their 'normal' levels, or yields that we would have expected in the absence of quantitative easing by the Federal Reserve," strategists from Societe Generale said in a research note on Tuesday. Societe Generale forecasts 10-year U.S. Treasury bond yields will hit 3 percent by Spring next year, and rise to 5 percent by 2017.

QBE earned $1.2Bn on their $30Bn invested last year with yields at 1.8%. Do the math, then factor in the A$ drop, the reversal of fortunes on catastrophic claims, stripping out of $250M in costs, and premium increases.

Sure we are up 50% this year, but $16 is still a steal for this companys prospects over the next few years, so I disagree with the comments here that current levels represent "fair value", or that the future prospects are priced in. The rise we have had is just correcting for the irrationality of the market that took the stock way too low IMO.