Serial underperformer and “dog” at times QBE remains ~30% below its pre-COVID levels. The headlines from QBE’s report earlier this year didn’t make good reading with the $1.5bn loss front and centre but we feel the bad news is reflected in todays share price and further weakness back towards $9 will increase the attraction of the regularly out of favour insurer. MM believes the company is well reinsured moving forward and the operational trends are moving in the right direction.
MM likes QBE a few % lower from a risk / reward perspective.
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