It’s been the worst of times and the worst of times for QBE. The news that it was undergoing a major restruc-ture and that Australian jobs would be lost was never go-ing to be well-received, but even we were surprised by the anger displayed by some commentators. The icing was well and truly taken off the cake by the announce-ment that losses in its North American business would re-sult in a full-year loss of $250m. Still, the night is often darkest just before the dawn, so here’s hoping 2014 sees a better year for CEO Neal and the company as it continues its transformation program.