Reinsurance News
25th February 2019
QBE Insurance Group Limited has reported a net profit after tax of $390 million (which includes $567 million of profit from continuing operations) for 2018 compared with a loss of $1.3 billion in 2017, driven by a significantly improved attritional claims experience as well as a reduced level of catastrophe ... Read the full article
7th January 2019
Global re/insurer QBE Insurance Group has adopted Risk Engine technology from artificial intelligence (AI) company Cytora to enhance underwriting decisions across its commercial portfolio. QBE explained that its partnership with Cytora will enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better ... Read the full article
2nd January 2019
QBE European Operations, part of the QBE Insurance Group, has announced the implementation of its post-Brexit plans after its Part VII transfers came into effect in the New Year. A Part VII transfer is essentially a court-sanctioned legal transfer of some or all of the policies of one company to another QBE ... Read the full article
11th December 2018
Australian and global primary insurance and reinsurance group QBE said it has benefited from favourable terms and better pricing by getting to market early with its 2019 reinsurance renewal. The insurer said that by hitting the market early it has been able to achieve lower pricing, avoiding any uptick in market ... Read the full article
6th December 2018
QBE European Operations, part of the QBE Insurance Group, has added three underwriters to its trade credit team as it seeks to take advantage of the Brexit-driven increase in demand for trade credit cover. According to recent Association of British Insurers (ABI) figures, trade credit insurance claims in the UK have ... Read the full article
5th November 2018
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 ... Read the full article
6th August 2018
QBE Insurance has sold its Australian travel insurance business to nib Holdings in an effort to “simplify and strengthen” its business, according to QBE Australia and New Zealand Chief Executive Officer (CEO), Vivek Bhatia. The decision was made following an extensive review of QBE Travel and its alignment to QBE’s strategic ... Read the full article
26th June 2018
QBE Insurance Group has announced the appointment of Stephen Postlewhite as Deputy Global Chief Underwriting Officer (CUO) of its specialty reinsurance arm, QBE Re. Postlewhite is set to join the firm on November 1st, 2018, and will report to Chief Underwriting Officer for Reinsurance, Jonathan Parry. He joins the company from Aspen ... Read the full article
29th May 2018
Australia domiciled insurer QBE has taken a major step in securing continued passporting rights across the European Economic Area (EEA) post-Brexit, after its new Belgian subsidiary, QBE Europe SA/NV (QBE Europe), was granted a license by the National Bank of Belgium (NBB). QBE Europe will leverage the existing base that QBE ... Read the full article
9th May 2018
QBE Insurance Group has announced that its venture capital arm, QBE Ventures, has closed an investment into machine learning tech firm Hyperscience, and has entered into an agreement to roll out its solutions across QBE globally. Hyperscience uses artificial intelligence (AI) to develop solutions for automating office work across verticals like ... Read the full article
11th April 2018
QBE Insurance Group Limited has announced a major reshaping of their senior management team as Inder Singh succeeds Michael Ford as Chief Financial Officer (CFO), Peter Grewals is appointed as Chief Risk Officer (CRO), Liam Buckley as Head of Culture and Talent, Matt Mansour as Chief Information Officer, and Anders ... Read the full article
26th February 2018
QBE Insurance Group Limited has announced plans to sell its Latin American operations to Zurich Insurance Group for a total aggregate price of US $409 million. The transaction includes operations in Argentina, Brazil, Columbia, Ecuador and Mexico, and will see Zurich become the leading insurer in Argentina and the third largest ... Read the full article
23rd January 2018
Significant catastrophe activity in the fourth-quarter of 2017 combined with two, one-off non-cash items has seen QBE report an expected full-year 2017 loss of roughly $1.2 billion. For the year, QBE now expects to report a combined operating ratio (COR) of approximately 104%, which is above the target range of 100% ... Read the full article
11th January 2018
QBE Insurance Group has announced the appointment of Vivek Bhatia as Chief Executive Officer (CEO) of Australian and New Zealand Operations (ANZO). Bhatia joins QBE from icare, the NSW Government public financial corporation and one of the largest social insurers globally with more than AU$30 billion in assets and AU$6.7 billion ... Read the full article
20th November 2017
Pen Underwriting has reached an agreement with QBE in which the Australian reinsurance giant will provide capacity for hazardous goods and environmental industries within the property & casualty (P&C) segment in Ireland. The partnership will take effect from January 1st 2018, giving Pen's brokers and their clients in Ireland access to ... Read the full article
