QBE Insurance Group Limited
(ASX:QBE) has reported a 45 per cent drop in full year net profit to $704 million, the same day its CEO Frank O’Halloran steps down from the role.
The fall in profit has been partly due to extraordinary weather events in 2011 which heavily increased the number of claims affecting the company’s profit.
Mr O’Halloran who has been with the company for 14 years will be replaced by QBE global head of underwriting John Neal.
QBE has also entered into a trading halt this morning as it prepares for a capital raising.
