QBE raised $273 million last Tuesday night through a placement to individual investors.

The placement has given the company sufficient funds over the next two years to maintain its targeted solvency ratio of more than 40%. Speaking after the AGM, MD Frank O’Halloran said QBE now has enough capital to take it into 2003 – keeping the solvency ratio over 40% without taking into account 2001 profits or the reinvestment of dividends.

Just as well, because the company is understood to be examining a takeover prospect at present.