Two specialty insurers saw their 2013 first-half net incomes fall, as Markel Corporation contends with costs associated with its acquisition of Alterra and QBE experiences some struggles in its North America business.
Australia's QBE says its net profit after tax for the first six months of the year was $477 million, down from $760 million for the same period a year ago. The company cites lower investment yields for the drop, but also points to an increase in non-cash charges “largely due to accelerated amortization relating to our U.S. lender-placed insurance business.”
QBE's North American business suffered in the half-year. The insurer says gross written premium for its North American operations is forecast to be down $600 million from its initial 2013 forecast “due to management action on underperforming business, general market conditions and the significantly lower premium from” QBE's lender-placed insurance portfolio.
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