Australian re/insurer QBE is consolidating its global reinsurance underwriting within its London unit under the leadership of QBE Europe’s managing director of global reinsurance Stephen Postlewhite.
An official statement from the company explains that the move has been made in an effort to take advantage of improved reinsurance market conditions and to enhance performance.
As a result of the restructure, QBE’s North American inwards reinsurance business is set to be included in the results of QBE Re, part of the international segment.
This move has been made to align the financial reporting of the group’s inwards reinsurance operations within the management of those operations.
These new restructuring efforts will commence with the reporting of the 2020 full year result scheduled to be released on February 19.
The company has stated that this segment reporting change does not impact the group’s overall results.