QBE is sticking by its “best estimate” of a net loss of $250 million from the US attacks, despite some sniping from media commentators. MD Frank O’Halloran said their figure includes an about $100 million after tax from QBE’s share of capacity in the seven Lloyd’s syndicates it manages.

Disputing a Bloomberg report late last week that put QBE’s Lloyd’s exposure at about $250 million, Mr O’Halloran said QBE provided 55% of the capacity written by its syndicates last year and 72% for this year. The Bloomberg figure appeared to estimate the losses as 100% of the syndicates’ capacity, rather than the company’s actual share.

“The non-QBE managed syndicates, which are stand-alone businesses, are responsible for their own losses through their own premium trust funds, their own resinurance protections and their own shareholders’ funds,” a QBE statement said.

The wholly owned Limit syndicate – Lloyd’s largest, which QBE bought for $1 billion last year – has additional pre-September 11 reinsurance protection.