Reinsurance News


QBE adds directors to North America board

20th January 2021

QBE has announced the addition of two new Non-Executive Directors to the board of its subsidiary, QBE North America. The new appointments are Shamla Naidoo and Sharon Ritchey. Both new directors will serve on the Audit, Investment, People & Remuneration and Risk & Capital Committees. There are also plans for Ritchey to Chair ... Read the full article

UK business interruption ruling pushes QBE further into reinsurance cover

18th January 2021

Australia-based re/insurer QBE has said that the UK Supreme Court’s verdict on business interruption (BI) cases linked to the pandemic will push it further into its aggregate reinsurance protection. Last week, the Supreme Court decided to uphold the ruling on the BI test case first brought forward by the Financial ... Read the full article

QBE increases cat reinsurance tower at Jan 1st renewals

11th January 2021

Australian insurer and reinsurer, QBE Insurance Group Limited, has increased the size of its main catastrophe reinsurance tower by roughly 3% to $3.4 billion for 2021. The re/insurer has now completed its Jan 1st, 2021 reinsurance renewal, noting that the program was placed broadly in line with expectations and at terms ... Read the full article

QBE Syndicate 386’s Harries to retire, Cécile Fresneau named successor

7th January 2021

QBE Syndicate 386 active underwriter and head of financial lines David Harries is set to retire from his role after 34 years with the liability insurer. Harries has spent the last seven years in his current position and will be supporting the handover of the role to Cécile Fresneau over the first ... Read the full article

Moody’s turns negative on QBE after $1.5bn loss projection

21st December 2020

Rating agency Moody’s has changed its outlook on Australian re/insurer QBE from stable to negative, after the company forecast that its after-tax losses would amount to USD 1.5 billion over 2020. Analysts said that the downgrade reflects QBE’s earnings volatility, as well as its relatively weak earnings profile compared to ... Read the full article

QBE projects $1.5bn full-year loss

18th December 2020

Australian re/insurer QBE has revealed that it expects to incur an after-tax loss of USD 1.5 billion for the full-year 2020 period. The pre-tax loss is estimated at $780 million and includes $470 million of COVID-19 costs, $130 million of elevated catastrophe losses and $360 million of prior year claims development. While ... Read the full article

QBE North America makes four senior hires

16th December 2020

QBE North America has made four senior leadership hires within its Financial Lines business. Danielle Librizzi has been appointed as Head of Professional Liability, with Thomas Kocaj as Head of Management Liability. In addition, Michael McGuinness will serve as Senior Vice President, Public D&O, followed by Adam Fleischner as Senior Vice President, ... Read the full article

QBE hires Fiona Larnach as Group Chief Risk Officer

15th December 2020

Australian re/insurer QBE has appointed Fiona Larnach to the role of Group Chief Risk Officer. Larnach has nearly 30 years of experience working across risk management, finance and treasury. She has held a number of senior executive roles at numerous Australian and UK financial service companies, and was most recently the Chief ... Read the full article

QBE North America appoints Steinsdoerfer, Prahl to key leadership roles

29th October 2020

The North American arm of re/insurer QBE has added Bobby Steinsdoerfer as Senior Vice President, Regional Underwriting Leader - Central Region. Additionally, Lucas Prahl has been promoted to Senior Vice President, Regional Underwriting Leader - Western Region. Steinsdoerfer joins from AIG's Blackboard Insurance and brings 12 years' experience to the role. Before Blackboard he served ... Read the full article

QBE appoints Richard Pryce interim CEO as search continues

23rd October 2020

Australian re/insurer QBE has appointed Richard Pryce to the role of Interim group Chief Executive Officer while the company searches for a permanent replacement. Former CEO Pat Regan departed following an external review of his workplace communications. Mike Wilkins, who had stepped in to the CEO role on a temporary basis ... Read the full article

QBE International (Insurance) CUO Colin O’Farrell to retire

15th October 2020

Australian insurer and reinsurer, QBE, has announced that the Chief Underwriting Officer (CUO) of Insurance for QBE International, Colin O'Farrell, is to retire from the company at the end of 2020. O'Farrell's career spans 36 years, 34 of which have been spent with QBE. During this time, he has led the ... Read the full article

QBE Asia hires Head of Agency for Hong Kong

1st October 2020

Re/insurance provider, QBE Asia has announced the appointment of Alex Chan as the Head of Agency for Hong Kong. Chan has over 25 years of experience across distribution, sales and relationship management. Prior to joining QBE Hong Kong, Chan held a number of senior positions in global insurance organisations. His previous positions include ... Read the full article

QBE responds to UK BI test case ruling; expects to call on reinsurance

16th September 2020

In response to yesterday's ruling by the UK’s High Court that largely favoured policyholders in the Financial Conduct Authority’s (FCA)’s business interruption (BI) insurance test case, insurer QBE has said that it expects its reinsurance protection to limit the net cost to $70 million. In certain instances, yesterday's judgement favoured ... Read the full article

QBE Re combines Casualty Treaty teams to support growth

3rd September 2020

QBE Re, the reinsurance division of global insurer QBE, has announced the combination of its US and International Casualty Treaty reinsurance teams into one business unit. QBE Re London states that the establishment of a single Casualty Treaty reinsurance team is designed to enable a "unified market proposition" as the company ... Read the full article

QBE replaces CEO after misconduct review

1st September 2020

QBE Insurance Group has announced that its CEO, Pat Regan, will be departing the company following an external review of his workplace communications. The review was prompted by a complaint from a female employee, and led the QBE Board to conclude that Regan had not met the standards of the Group ... Read the full article

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