Reinsurance News
QBE
Reinsurance will cap UK BI costs at $75mn, says QBE
26th May 2020
Australian insurer QBE has said that its reinsurance coverage should limit the costs of COVID-19 related business interruption (BI) claims to £75 million in the UK. However, the company maintained that its BI policies do not typically cover claims arising from COVID-19. “Many businesses are facing an extremely concerning time at present ... Read the full article
QBE commits AUD 2.6mn to global COVID-19 response effort
20th April 2020
QBE Insurance Group Limited has announced AUD 2.6 million (approx. USD 1.7mn) in direct funding to support the global response to the COVID-19 coronavirus pandemic. The insurer states that these funds will be disbursed via the QBE Foundation's existing global charity and not-for-profit partners, designed to help agencies experiencing greater demand ... Read the full article
QBE buys more cat reinsurance amid COVID-19 capital raise
14th April 2020
Australian re/insurer QBE has announced that it plans to purchase additional catastrophe reinsurance as part of a new capital plan to withstand the impacts of the coronavirus (COVID-19) pandemic. In response to the “unprecedented economic and investment market uncertainty” caused by COVID-19, QBE has said that it will pre-emptively lift regulatory ... Read the full article
QBE names Jason Harris as CEO, International
7th April 2020
QBE Insurance Group has announced that Jason Harris will take over the role of Chief Executive Officer (CEO), International from Richard Pryce, who is set to retire at the end of the year. Harris joins QBE from AXA XL where he held the position of Chief Executive, Global Property and Casualty ... Read the full article
COVID-19 uncertainty sees QBE withdraw 2020 targets
30th March 2020
Ongoing economic and investment market uncertainty as a result of the global COVID-19 pandemic has led QBE Insurance Group Limited to withdraw its 2020 financial targets. The insurer announced in mid-February a full-year 2019 combined operating ratio of 97.5%, above the target range of 94.5% to 96.5%. Within its results announcement, ... Read the full article
QBE North America appoints Dan Moore COO
12th March 2020
The North American division of global insurer QBE has appointed Dan Moore as Chief Operating Officer. Effective immediately, Moore will lead claims, technology and operations and oversee communications and branding. He reports to QBE North America Chief Executive Officer Todd Jones and will serve as a member of the company’s executive committee. Moore ... Read the full article
Stephen Postlewhite to lead QBE Re as managing director
25th February 2020
Global insurer QBE has appointed Stephen Postlewhite as managing director of its reinsurance operations. Postlewhite’s new role will take effect on April 1 and he replaces Jonathan Parry, who is set to retire in 2021. He steps into the role after two years at QBE Re, having most recently served as deputy ... Read the full article
QBE’s combined operating ratio rises on US crop losses
17th February 2020
QBE Insurance Group Limited has reported that the impacts of adverse weather conditions on its US crop insurance business, combined with the significant level of claims from the Australian bushfires, pushed its full year 2019 combined operating ratio above the target range. The Australian insurer announced in December that it ... Read the full article
Mike Wilkins takes over as Chairman of QBE
13th February 2020
QBE Insurance Group has announced that former IAG CEO Mike Wilkins has been elected to take over as Chairman of the Group Board, starting from March 1, 2020. He will succeed W Marston Becker who is not standing for re-election, and who will retire from the Board on April 30. Wilkins joined ... Read the full article
Chris Castaldo appointed QBE North America CFO
17th January 2020
The North American division of global insurer QBE has appointed Chris Castaldo to the role of Chief Financial Officer, effective March 2020. Based in New York, he will also serve as a member of the QBE North America executive committee and report to Todd Jones, Chief Executive Officer, QBE North America. Castaldo ... Read the full article
Helix launches in Bermuda, secures first agency agreement with QBE
10th January 2020
Helix Underwriting Partners Ltd., the first multi-line independent Managing General Agent in Bermuda, has announced the receipt of all necessary approvals to begin operations. At the same time, the company has announced that it has entered into its first agency agreement to underwrite Middle Market Property Insurance on behalf of insurer ... Read the full article
QBE North America recruits Specialty & Commercial President from Aon
9th January 2020
The North American unit of global primary insurance group QBE has announced the appointment of Tom Fitzgerald as President, Specialty & Commercial. Fitzgerald joins the company from Aon Risk Solutions, where he most recently served as Chief Executive Officer (CEO) for its global broking operations. As a member of the executive leadership ... Read the full article
Adverse weather claims to impact QBE’s North America crop results
18th December 2019
Australian re/insurance group QBE is expecting to see a deterioration in the performance of its North American Crop business in 2019, owing to recent adverse weather conditions. Conditions such as an unusually cold growing season and heightened crop hail are likely to push the crop business’s operating ratio to around 107-109% ... Read the full article
QBE North America promotes Mark Pasko to Chief Legal Officer
4th December 2019
The North American operations of global primary re/insurance group QBE has promoted Mark Pasko to the role of Chief Legal Officer. Pasko, whose appointment is effective immediately, most recently served as senior vice president and general counsel, Business Unit Support. He will report jointy to Todd Jones, QBE North America Chief Executive ... Read the full article
Aspen Re’s Abdallah Balbeisi to join QBE as SEO, Head of MEA region
29th November 2019
QBE Insurance Group has announced the appointment of Aspen Re's Abdallah Balbeisi as Senior Executive Officer (SEO), Head of Middle East and Africa (MEA), effective May 2020. In his new role, Balbeisi will be based in Dubai and will report to Stephen Postlewhite, Deputy Chief Underwriting Officer (CUO) of QBE Re. He ... Read the full article