QBE has confirmed it is reviewing its US mid-market business, following UK reports the insurer may sell Winterthur and has begun talking to potential advisers on a sale.

The business earns about $US900 million ($957.81 million) of gross written premium (GWP).

In February QBE CEO John Neal said it was under review.

He now says QBE is well advanced on work to turn around its North American operations and is assessing options for some segments, including the mid-market business.

“Consistent with our strategic objectives to return the North American business to profit and to deliver on our performance targets, the time is right to consider our longer-term plans to maximise shareholder value,” Mr Neal said today.

QBE brought Winterthur from Axa for $US1.16 billion ($1.23 billion) in 2007, when the Wisconsin-based property and casualty insurer had GWP of about $US1.45 billion ($1.54 billion) written through 1700 independent agents in 33 states.