Australian insurer QBE has temporarily suspended trade in its shares, at a share price of A$3.35, following anxiety over the level of its exposures to the World Trade Centre tragedy.
A statement issued by the company said its share price had come under heavy selling pressure "based on rumour, ill-informed fund manager speculation and a disorderly market."
QBE said it was well positioned to cope with the costs of the US tragedy with its capitalisation after the disaster at 1.32 times in excess of minimum capital requirements, and with shareholders' funds at about A$2bn.
The suspension was due to have lasted until Monday next week but, following a press conference today, the company said it has decided to allow trade to resume from Friday because the company's position has been clarified.
