Media Release - October 18 2004

Award Win Signifies Continuing Strength of QBE Mercantile Mutual

QBE Mercantile Mutual has today reinforced its industry leadership by winning the prestigious 2004 NIBA General Insurer of the Year Award for the third consecutive year.

In accepting the award, QBE Mercantile Mutual's Group General Manager Terry Ibbotson reiterated the company's commitment to its intermediary partners, and the pursuit of innovative products and technology.

"We take great pride in accepting our third consecutive General Insurer of the Year award, said Mr Ibbotson. The recognition from our intermediary partners which ultimately led to this accolade proves we are delivering what we set out to do. It is an amazing accomplishment for QBE Mercantile Mutual as a company, as well as an endorsement of our employees' dedication, commitment and innovation over the last 12 months."

Competition in the intermediary insurance sector continues to heighten, as competitors introduce new products, services and tactics to win over the intermediary market. QBE Mercantile Mutual have faced up to the challenges by developing innovative products and ensuring service is the key. Emphasis on building on their strong relationship network and continuing to find more ways to deliver what the intermediary market really wants has been a key to their success.

"At the foundation of QBE Mercantile Mutual's strength is continued improvement and enhancement of products and service for the intermediary market." Mr Ibbotson added. "Relationships are key to our success, and we work hard on getting this right."

The NIBA 2004 General Insurer of the Year Award is considered the pre-eminent industry award voted for by industry members and awarded to the best intermediary insurer. The award was announced at NIBA's 22nd Annual Convention in Perth at the weekend.

About QBE Mercantile Mutual
QBE Mercantile Mutual is a leading provider of insurance products and services to professional insurance intermediaries. QBE Mercantile Mutual manages over $1.5 billion in Total Gross Written Premium.

QBE Mercantile Mutual offers a comprehensive suite of Corporate, Commercial, Rural and Domestic insurance products underwritten by QBE Mercantile Mutual Insurance (Australia) Limited which is now owned by the QBE Group.