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QBE Insurance expects further drop in rates for 2016


Australia-based QBE Insurance Group Ltd. has signaled a further drop in rates for 2016 amid difficult business environment and stiffening competition, reported The Sydney Morning Herald.

"On average, insurance pricing across our business decreased 1.3% in 2015, and we anticipate similar declines in 2016," QBE chairman Marty Becker said.

Meanwhile, QBE has named Russell Johnston, a former American International Group inc. executive, as CEO of the insurer's North America operations.

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