Inside Hutchinson's honourable fall as QBE sinks BELINDA Hutchinson knew it was bad. Bunkered down in a board meeting at its boutique new office tower in the heart of the Sydney financial district last week, Hutchinson and her fellow QBE Insurance directors had been handed detailed actuarial and valuation reports on its US business, the problem child of the global group. It was grim reading and everyone knew some brutal decisions would be needed.