QBE Insurance Group Limited (AU:QBE) has released an update.
QBE Insurance Group is shutting down its North America middle-market segment, which has struggled over the years and contributed approximately $500M in gross written premium in FY23. The company forecasts that the closure will incur a restructuring charge of around $100M before tax for FY24 but will not significantly affect the Group’s combined operating ratio. Additionally, QBE anticipates a constant currency gross written premium growth in the mid-single digits and a combined operating ratio of about 93.5% for FY24.
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