QBE rallied +2.6% on Monday, its largest gain in 15 weeks, aided by S&P reaffirming its Long-term credit rating at A-. QBE remains our preferred local insurance play after its excellent March full-year result, but the stock has experienced a decent retracement each year since COVID, apart from 2024, yet that is! The risk/return isn’t exciting just yet, but we do like the insurer into a pullback.
- We are keen on QBE into dips as opposed to strength above $18.
MM is neutral towards QBE ~$18
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