QBE Insurance has sold $295 million of securities to the United States investor market to raise funds for increased risk-based capital requirements for 2005 in its Lloyd’s operation. The company will manage $2.4 billion of underwriting capacity at Lloyd’s in 2005.

CEO Frank O’Halloran says the Lloyd’s operation has produced solid insurance profits in recent years.

“Our expectations for this operation are a continuation of strong profits for the remainder of 2004 and 2005.”