Just put up on SMH business pages; Food for thought??
QBE Insurance Group's chair, Belinda Hutchinson, has signalled her retirement from the insurance behemoth as the company disappointed investors with yet another major profit downgrade.
Ms Hutchinson, who was appointed chairman in July 2010, led the company's board during a difficult period for QBE following years of aggressive acquisitions.
QBE said on Monday that it would suffer an expected $US250 million ($274.8 million) net loss for the year to December, as profit hits from its beleaguered US division festered.
The insurer is expected to post a cash net profit of around $US850 million for the year, and an insurance profit margin of around 6 per cent – nearly half the previously flagged 11 per cent.
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The insurer has failed to meet its full year profit guidance every year since 2009.
US-based QBE director Marty Becker, the former chief of Alterra Capital Holdings who joined the Australian insurer's board four months ago, has been named the new chair.