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QBE to merge underwriting divisions into single business

IBR Staff Writer Published 17 May 2017

Business insurance specialist QBE European Operations is merging its underwriting divisions to create a single underwriting entity, offering a Brexit friendly structure.

The changes will come into effect from 1st July with the company’s insurance managing director, Sam Harrison will take over the leadership of the consolidated underwriting entity.

Backed up by a central market management proposition, the new underwriting entity will focus on customer and broker engagement.

QBE stated that the changes are aimed to leverage the capabilities of the available talent in the group while offering a better than before product offering.

Also, they are intended to bring in an enhanced level of uniformity in the way the company deals with both customers and brokers while laying out a better foundation for profitable growth.

QBE European Operations CEO Richard Pryce said: “We see these changes as a natural and positive evolution for our business.

"We are harnessing our significant underwriting and product capabilities to enable us to offer enhanced experiences for all our customers and brokers.”

In another development, QBE will create a global sales excellence practice unit to be led by David Hall.

The division will focus on providing multi-line programmes led by customers, throughout the specialty and corporate lines of QBE Insurance Group.

In late January, it was reported by several media publications that the Australia-based QBE Insurance, the parent of QBE European Operations, was likely to be acquired by Allianz.

However, QBE maintained that it was only a media speculation while confirming that it was not in talks with the German insurance giant or any other party.

Image: QBE Insurance tower in Manila, Philippines. Photo: courtesy of Hans Olav Lien/Commons.wikimedia.org.