The insurer said its lenders mortgage insurance business, QBE LMI, which held around $1. 2 billion in net tangible assets at the end of June. “QBE LMIâ€™s results have been outstanding and are expected to remain so for the foreseeable future,” Mr Neal said. “The capital intensity of this business led us to purchase additional reinsurance protection to support the businessâ€™ growth plans, however, with the longer term in mind, the introduction of third party shareholders offers QBE LMI enhanced capital flexibility to support its growth ambition.
Read more here: SMH