QBE, a business insurance specialist, has confirmed that from October 1, 2013 its European division will operate via two insurance businesses, retail and international markets. This is in addition to the reinsurance franchise, QBE Re, which is unchanged.
QBE said that the new structure will enable it to respond to the evolving needs of its brokers and clients by providing better cross-product focus and improved support to meet the different demands of the wholesale, specialty, subscription, and retail markets.
The creation of retail and international markets will allow QBE to build upon its comprehensive distribution network and will create a platform for continuing sustainable growth through a more seamless integration of underwriting and distribution, the company said.
International markets, led by Colin O'Farrell, chief underwriting officer, will include marine, energy, and aviation portfolios, plus all non-European property and casualty business (with the exception of financial lines and specialty casualty).
The retail proposition comprises two separate business units, U.K. and Ireland and continental Europe, delivering a diverse property, casualty, and motor product range via its network of 17 offices. In addition, financial lines and specialty casualty will be offered across all territories and operated as a specialist business within retail.
Until an appointment is made to lead retail, Richard Pryce will work closely with senior managers to develop the business.
A new distribution and relationship management function led by Chris Wallace, a QBE director, will be established to build and expand upon QBE's existing broker partnerships while developing an enhanced proposition for QBE's clients, according to the company.
Finally, as of October 1, 2013, Steven Burns will hand over to Richard Pryce who will become chief executive officer of European operations. Mr. Burns will be focusing on group matters during the fourth quarter in advance of becoming group chief financial officer early next year.
Mr. Pryce commented, “This reorganization allows us to address the different needs of the international and retail markets, create and deliver products that are right for our clients, and ultimately position ourselves for profitable growth. We are actively engaged with our broker partners to ensure a smooth transition into the new structure.”
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].