QBE says the actions taken in recent weeks to bolster its capital base will enable the business to ride out the challenges created by the virus pandemic.

The actions, such as a US$750 million ($1.2 billion) equity placement, will also allow the insurer to go after growth opportunities that come along when the global economy begins its post-virus recovery.

“Our capital plan takes us to well above our own target for capital and comfortably within ‘AA’ S&P capital levels,” Chairman Mike Wilkins said at the AGM last week.

“It will make QBE even stronger in the face of the challenging environment in which we all find ourselves and will position the business to be able to take advantage of opportunities that might arise as the world recovers.”

CEO Pat Regan says the business experienced group-wide organic premium growth of more than 9% and rate increases of nearly 7.5% in the January-March quarter.

The rate momentum from last year has continued into the first quarter of this year, he said.

“This was despite the challenges of COVID-19 and is testament to the hard work of our teams.”

Looking ahead, Mr Regan says the insurer will press on even harder with plans to sharpen its digital capabilities in the wake of COVID-19.

“COVID-19 has turbocharged how we use and engage with technology in an unprecedented and irreversible way,” Mr Regan said. “Our customers will expect that we keep pace with them.

“It is more important than ever that QBE accelerates our program of work to build best-in-class data and digital capabilities. This will remain a core focus for us in 2020 and beyond.”