Reinsurance News


QBE expands US FINPRO, adds Swiss Re’s Salvatore Samà to lead

9th April 2021

QBE Re, the reinsurance arm of Australian insurer QBE, has expanded its US Casualty treaty hub and appointed Salvatore Samà as Senior Vice President, Treaty Underwriting - FINPRO. Based in New York, Samà will take charge of driving the development and advancement of QBE Re’s US Financial and Professional Lines treaty ... Read the full article

QBE Re targets regional expansion; names Attilio Tornetta as Head of Africa

29th March 2021

QBE Re, the reinsurance arm of the Australian insurer, has announced the expansion of its treaty hub for Africa with the addition of Attilio Tornetta as Head of Africa, based in Dubai. In this newly created role, Tornetta will be responsible for all the new treaty business incepting from the April ... Read the full article

QBE “very disappointed” with $869m underwriting loss

19th February 2021

Australian re/insurer QBE has recorded a “disappointing” underwriting loss of US $869 million for 2020, mainly due to the COVID-19 pandemic and elevated catastrophe losses, as well as adverse prior year claims development. Having warned the market back in December, the company also confirmed that its net loss after tax ... Read the full article

QBE launches new Custom Property product

11th February 2021

The North American division of global insurer QBE has launched its new QBE Custom Property product. The product includes a First Party Cyber coverage, which provides coverage for business interruption, data recovery and incident response service expenses, per network security event. It also has other features such as crime coverage, which covers ... Read the full article

QBE consolidating global reinsurance business in London

29th January 2021

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 ... Read the full article

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

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