QBE rose 22% in February after the company announced its 2014 earnings and outlook for 2015. Management re-based earnings expectations for 2015 downwards but also de-risked the business to reduce earnings volatility. The stock reacted very positively to this, as the de-risking will make the earnings profile of the business more predictable. We see the de-risking of the business as a long term positive, which limits the downside risk in the stock but are cognisant that this also puts a cap on the upside potential.