QBE

Insurers set to shoulder bulk of ~€200mn+ Lürssen loss after retention increases

Marine builders’ risk insurers for the fire-struck Lürssen superyacht shipyard are expected to shoulder losses on a net line basis after recent retention rises limited access to reinsurance support.

Marine builders market braced for €200mn+ loss from Lürssen shipyard fire

QBE, RSA and Atrium lead the builders’ risk policy for the Lürssen superyacht shipyard that caught fire earlier this morning, The Insurer can reveal.

QBE names Højmark and Seul as European product managers for cyber and FI

QBE has bolstered its European financial lines offering with the appointments of Simon Højmark as product manager for cyber and Patrick Seul as product manager management liability and financial institutions.

Jefferies: QBE NA middle-market exit “key stepping stone” in reducing US volatility

QBE’s exit from the majority of its North America mid-market portfolio represents another key stepping stone in its strategy to remove volatility from its US business, according to Jefferies’ analyst Simon Fitzgerald.

QBE to take $100mn restructuring charge from NA admitted mid-market exit impacting 5% of region's workforce

QBE North America will incur a $100mn restructuring charge as part of the wind down of its $500mn-premium admitted mid-market portfolio, a move that will have no impact on the group’s full-year 2024 operating combined ratio.

QBE NA exits $500mn admitted mid-market portfolio ex-construction, shrinks workforce by 5%

QBE North America is exiting the admitted middle market segment except in construction, and will instead look to grow its specialty casualty E&S business and launch a non-admitted property business, The Insurer can reveal.

Catalytic gets QBE capacity for E&S builder’s risk program

Catalytic Risk Managers & Insurance Agency has partnered with QBE North America on a program offering non-admitted construction all risk coverage for builder’s risk projects.

QBE urges UK govt to limit battery fire risk

QBE has called on the UK government to introduce measures that will temper increasing liabilities associated with electric vehicles, following a 46 percent spike in fires linked to lithium-ion batteries in 2023.

QBE’s property portfolio pruning bearing fruit: Horton

QBE CEO Andrew Horton anticipates further positive earnings growth through 2024 following a series of successful portfolio pruning initiatives, particularly in property, designed to better balance underwriting and reduce volatility.

QBE forecasts FY CR of 93.5% as GWP climbs 2% in Q1

Australian insurer QBE reported 2 percent year-on-year growth in gross written premiums for the first quarter of 2024, as it posted group-wide renewal rate increases of 7.3 percent.

QBE NA unveils Livatino-led healthcare liability unit and launches misc medical product

QBE North America has launched a new healthcare liability practice led by John Livatino with the carrier’s new miscellaneous medical liability product serving as the unit’s flagship offering.

QBE names Schroder group head of sustainability

Australian carrier QBE Insurance Group has named Nicola Schroder to the role of group head of sustainability.

QBE bolsters European trade credit and surety unit with trio of appointments

Australian insurer QBE has bolstered its European credit and surety underwriting unit through a trio of appointments, including that of Aidan Quinn as head of commercial underwriting, trade credit.

QBE 386 CR deteriorates to 99.9% on casualty reserve strengthening

QBE Syndicate 386 has returned to profit with a net result of £75.1mn for 2023, but reserve strengthening for international liabilities saw its combined ratio deteriorate by 9.9 percentage points.

QBE’s Horton: Legacy processes “sad indictment” of the industry

QBE group CEO Andrew Horton has warned that large innovation “kills” smaller innovation as companies focus on product launches rather than making internal processes more efficient.

QBE NA CUO Coppola exits, Greeley named chief claims officer

QBE North America’s chief underwriting officer Laura Coppola is leaving the company after a little more than a year in the role and being replaced on an interim basis by Adrian La Forgia, while Todd Greeley has been named chief claims officer, The Insurer can reveal.

QBE names Shallow to lead international markets

Australian insurer QBE has appointed Kevin Shallow as executive director for international markets.

QBE: NA performance “unsatisfactory” after $180mn 2023 loss

QBE group CEO Andrew Horton remains optimistic that its North American division will deliver better performance in 2024 as it continues to run off non-core business, despite an “unsatisfactory result” in 2023.

QBE increases retentions for Australian perils at 1.1

Australian insurer QBE has modestly increased its retentions for domestic perils at 1.1, with its 2024 reinsurance program remaining largely consistent compared to the prior year with broadly stable retentions and a “negligible” capital impact.

QBE reports 95.2% CR as international performs strongly but US drags

QBE ended 2023 with its combined ratio improving 70bps to 95.2 percent supported by group-wide average premium rate increases that accelerated to 9.7 percent, with the company’s CEO Andrew Horton declaring there has been “meaningful progress” in the business’ bid to deliver greater resilience and consistency in its results.

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