QBE CEO Frank O’Halloran has a way of getting speculative tongues wagging. He told an investment conference in London last week that QBE is currently examining “a number of possible acquisitions”.

When he announced last month the group had more than doubled net profit to $572 million, he said that during 2004 the group would be looking into expanding its portfolio. Mr O’Halloran told the conference QBE is targeting bolt-on portfolios and underwriters, but it’s also considering organic premium growth in “a toughening insurance environment”.

Does that mean Mr O’Halloran, whose patience while setting up the deal is legendary, really isn’t committed to buying anything because he’s not prepared to pay the present asking price/s? Time will tell.

He told the conference much of QBE’s success comes from the expertise of companies it has acquired over the years “These include teams of underwriters, corporate structures, books of business and renewal rights,” he said.