QBE CFO Neil Drabsch has confirmed the insurer is on the acquisition trail in North and South America following a record $1.02 billion first-half profit.

In an address at a JP Morgan conference in New York last week, Mr Drabsch spoke of QBE’s “strong balance sheet” and history of successful acquisition.

“Further merger and acquisition opportunities are emerging across North and South American markets,” he said.

Investment yields for QBE are improving in the region and overall premium rates are slightly positive, despite soft market conditions.

Commenting on European operations, Mr Drabsch says QBE has imposed average rate increases of 4.5% this year.

Overall, the group says it’s on track to beat last year’s profit of $1.86 billion and expects a full-year insurance margin of between 16-18%. Gross written premium is forecast to increase more than 15%.