Australia domiciled insurer QBE has announced that its Asian and European operations are to be combined into a new International division as part of a drive for greater efficiency in the company.
Additionally, a new Australia Pacific division will encompass operations in Australia, New Zealand, the Pacific and India, meaning Asia Pacific will no longer be a separate division.
QBE revealed that Richard Pryce, current Chief Executive Officer (CEO) for European Operations, will become CEO International and Vivek Bhatia, current CEO for Australian & New Zealand Operations, will become CEO Australia Pacific.
The insurer added that a new senior leader for Asia will be appointed, reporting directly to Pryce, while its North America business will continue to operate as normal, led by Russ Johnston.
QBE claimed that the restructure would simplify its operations and build a more streamlined, agile and customer-oriented business in line with its efficiency agenda.
The new International and Australia Pacific divisions will be significantly larger and better funded than QBE’s existing units, and the company said it would provide updates on its Group-wide cost-out agenda and 2019 outwards reinsurance placement in early December.
“Today’s announcement represents the next step in creating a stronger, simpler QBE,” said CEO Pat Regan. “These changes enable QBE to enhance our customer proposition and build a stronger platform for long term, sustainable and profitable growth.”
“The Asia Pacific region remains important to QBE,” Regan continued. “Following a significant and successful program of work to remediate Asia Pacific Operations and its improved underwriting performance, we continue to see opportunities in these markets.
“Asia Pacific and European Operations are already collaborating in relation to underwriting opportunities and we expect to see further benefits from leveraging our underwriting expertise, scale and global capabilities across these business divisions. Aligning Asia with European Operations and the Pacific with Australian & New Zealand Operations will ensure we are best placed to support our customers and partners in those regions.”
QBE also announced that Jason Brown, CEO Asia Pacific Operations, will now become Group Chief Underwriting Officer, assuming responsibility for underwriting, pricing and reinsurance placement and supporting the company’s Brilliant Basics agenda globally.
Brown has more than 20 years’ experience in financial services and has worked at QBE since 2002, in which time he has held numerous senior positions, including as Group Chief Risk Officer and Executive General Manager, Technical & Operations for Australian & New Zealand Operations.
Regan added: “I would like to personally thank Jason and his team for the turnaround they have led in these markets over the past 12 months and look forward to Jason bringing the same level of focus and discipline to our Brilliant Basics agenda.”
