2158 GMT - The 8.8% share-price drop that followed QBE Insurance's 1H result looks overdone to Jefferies. Analyst Simon Fitzgerald says QBE's efforts to reduce volatility and enhance consistency has delivered positive results. Catastrophe claims were within budget despite a historically bad half for the industry. Still, the reduction in renewal rates in 2Q was rapid, Jefferies says. Average renewal rates eased to 0.8% in 2Q, from 3.4% in 1Q. "Despite some moderation in property (34% of gross written premium) and some Lloyd's syndicates, rate adequacy remains supportive across most classes," Jefferies says. "We view this as sufficient for QBE to pursue growth areas and new customers." It retains a buy call on QBE's stock.(david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
August 10, 2025 17:58 ET (21:58 GMT)
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