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10 March 2014
QBE has signalled an increased appetite for reinsurance risk with a plan to consolidate its global reinsurance structure.
Under the plan, QBE will bring together its global reinsurance operations under one management team and one brand.
The business will be known as QBE Re, and brings together Lloyd’s Syndicate 566, QBE Re (Europe), Secura NV and QBE Re (Americas).
The group says QBE Re will have “specific capital” of more than $US1.9 billion ($1.8 billion), and the consolidated structure will “strengthen its flexibility to support a broader reinsurance risk appetite”.
“Our aim is to grow in time as market conditions permit.” a QBE spokesman told insuranceNEWS.com.au. “It gives us a broader portfolio from which to expand.”
Incoming Group CEO John Neal says the establishment of QBE Re “strongly underlines QBE’s commitment to the reinsurance market”.
The combined business of QBE Re will have gross written premium in excess of $US1.5 billion ($1.4 billion) across its portfolio of property, casualty and specialty lines, making it bigger than reinsurers such as Arch, Validus and Endurance.
QBE’s current European reinsurance Chief Underwriting Officer Jonathan Parry will run the united business, taking on the role of Chief Underwriting Officer QBE Re.
Other key appointments included London-based Paul Horgan as Head of Property and Peter Wilkins as Head of Specialty Lines, New York-based Chris Larson as Head of Casualty and US Multiline, and Brussels-based Luc Boghe as Head of European Multiline.
“Our business philosophies, market approach and appetite will be co-ordinated, which in turn will help ensure greater consistency across underwriting, pricing, risk management and reserving,” Mr Parry said.
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