"QBE has entered its 140th year with good momentum, supported by a strong balance sheet, a clear strategy and disciplined execution," group CEO Andrew Horton said in the company's half-year investor report, marking 140 years since the insurer's founding in 1886.
For UK and Lloyd's market brokers, the standout line in this result is QBE's own admission that "premium rates moderated further in property and select Lloyd's portfolios, where profitability remains attractive" – a rare piece of insurer-side confirmation that brokers can use directly in renewal negotiations on behalf of clients in those lines. The group's International division, which houses UK and European business, reported an improved combined operating ratio of 91.6%, down from 92.5%, aided by growth in QBE Re, select Lloyd's portfolios and its Portfolio Solutions facilities business.
Retention in International held at 87%, which QBE said reflected "the strength of customer and broker relationships amid a more competitive market environment" - a data point brokers can use to demonstrate the value of long-standing carrier relationships to clients weighing alternative markets. Group-wide, the average renewal premium rate increase fell to just 0.3% for the half, down sharply from 2.1% a year earlier, giving brokers meaningfully more room to negotiate terms than in recent renewal cycles, particularly in property and catastrophe-exposed specialty lines.
QBE issued €500 million of Tier 2 subordinated notes in June 2026, its first euro-denominated debt instrument, supporting what the company called "funding diversification and further growth in the region" - a signal of sustained European capacity that brokers placing continental business will want to note. The group's Prescribed Capital Amount (PCA) multiple stood at 1.82 times, and it disclosed a reinsurance transaction to de-risk around US$1.6 billion of long-tail reserves, both relevant data points for brokers assessing long-term carrier stability at Lloyd's and in the broader London market.
