** Shares of QBE Insurance QBE.AX fall as much as 3.3% to A$21.24, their lowest level since March 18

** Macquarie trims PT to A$23 from A$23.2 and maintains "outperform" recommendation

** Cuts FY25 earnings estimate by 4.9%

** Notes 1Q25 catastrophes could be higher than budget (California wildfires, Cyclone Alfred and Queensland Flooding)

** Average rating of 13 analysts is "buy"; their median PT is A$24.05, according to data compiled by LSEG

** Stock up 10.9% YTD vs 5% in ASX 200 benchmark .AXJO

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.kumar@thomsonreuters.com))