QBE's comment on the 2021 deterioration is as follows:

“The 2021 & prior year mid-range profit forecast of +10.1% is down on previous +17.4% due to prior year reserve deteriorations in both Irish Liability and non-abuse Australian Liability portfolios, coupled with a reduced investment return forecast. This forecast also includes a P&L benefit arising from the previously reported legacy transaction, the reinsurance premium for which equated to the undiscounted reserves. The year-to-date benefit reflects release of associated inherent reserve margin held against these reserves.”

Hampden will investigate further and report to our clients in the usual quarterly estimates bulletin.