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Australia's QBE Warns of Annual Loss on North American Claims, Writedowns

QBE Insurance Group Ltd said it expects to post a $250 million net loss this year due to writedowns and unexpectedly large claims after weak crop prices hit its U.S. operations, sending shares in Australia's biggest insurer down 20 percent.

By Maggie Lu Yueyang, Reuters | Updated on December 09, 2013

SYDNEY (Reuters) - QBE Insurance Group Ltd said it expects to post a $250 million net loss this year due to writedowns and unexpectedly large claims after weak crop prices hit its U.S. operations, sending shares in Australia’s biggest insurer down 20 percent.

The profit warning was the latest in a string of earnings disappointments from QBE, which has completed more than 75 acquisitions in the past 10 years to expand to 50 countries and grappled with hefty claims from at least one major market for each of the past few years.

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