QBE 2999 grows GWP by 14% but combined ratio deteriorates to 86.5%

By Michael Jones

March 21 - (The Insurer) - QBE Syndicate 2999's gross written premiums rose by 14% year on year to 2.54 billion pounds ($3.29 billion) in 2024, the insurer disclosed in its annual report and accounts on Thursday.

The syndicate said the increase in GWP was primarily due to growth in the Marsh Fast Track facility within QBE portfolio solutions, favourable market conditions driving growth in casualty treaty and specialty treaty, and expansion with selected clients for QBE Re.

Syndicate 2999's combined ratio deteriorated by 7.7 percentage points year on year to 86.5% in 2024. This was largely due to adverse loss experience, including the Baltimore bridge collapse and hurricanes Milton and Helene. Syndicate 2999's claims ratio increased by 11.4 points year on year to 55.9% in 2024.

Overall profit for 2024 was 346.69 million pounds, down 20.67% on 2023's figure.

2024's investment return of 101.2 million pounds was almost unchanged from the prior year's 100.9 million pound return.