About QBE

QBE Insurance Group is one of the world's leading international insurers and reinsurers, headquartered in Sydney, Australia. We operate out of 45 countries across the globe, with a presence in all key insurance markets and are lead underwriters within our chosen markets, setting rates and conditions. For the year ended 31 December 2007, the company underwrote gross written premium totalling AU$12,406 million and held shareholders’ funds of AU$8,479 million.

Since 1981, QBE Insurance Group has successfully completed 100 acquisitions; including the high profile acquisitions of Limit Underwriting plc in 2000 and Praetorian Financial Group and Wintherthur US in 2007.

The Group consists of four geographically focused operational divisions: European Operations, based in London, the Americas, managed from New York, and the Australia and Asia Pacific operations – both managed from Sydney.

QBE in Europe

QBE’s European Operations, which accounts for 42% of QBE Group turnover, is a leading specialist in London market and European commercial lines business. QBE offers considerable diversity to the broking community; active in both the Lloyd’s and company market. QBE operates eight product-focused underwriting divisions: - casualty, QBE Re Europe, property, motor, marine & energy, specialty, aviation, all of which have the ability to write on both Lloyd’s and company market paper; and British Marine, the P&I specialist. In addition to the London market, QBE operates from seven UK-regional centres and has a presence in 15 European countries.

Appetite for risk

QBE is known throughout the market for its healthy appetite for risk and willingness to work flexibly in partnership with brokers. From policy inception to claims settlement, the QBE approach is to use our market expertise to understand the needs of the individual client. Then we tailor our solutions to fit those needs. We don't believe that one size fits all or that we should follow what other insurers do, which means we are always willing to take a view on specialist risks.

Ratings

Standard & Poor's insurer financial strength and counterparty credit rating for QBE's main insurance subsidiaries is A+ (Stable). Fitch Ratings insurer financial strength rating for QBE's main underwriting subsidiaries is A+, and the agency has also affirmed a long-term credit rating at A. Their outlook for all ratings is Positive. A. M. Best assigned the financial strength rating of the QBE Group of companies A (Excellent).

All figures are correct as at 31 December 2007.