Australian insurance giant QBE is still on the acquisition trail in the UK, its general manager of European operations, Robert Grant, said this week.

Grant is in discussions with "three or four" possible targets, some operating in the UK companies' market, some overseas. None of them are Lloyd's groups.

"We are always looking for business that represents good value for the group and good value for our shareholders," he said.

The news follows the long-awaited announcement of the senior management line-up at Limit, the Lloyd's managing agency QBE acquired in June.

Grant has assumed the position vacated by Jonathan Agnew. Steven Burns, who has been with Limit for 14 years, becomes its new chief executive. He said: "Jonathan Agnew has departed to pastures new. I am not aware of him having any plans to do anything further in Lloyd's."