QBE Insurance Group Limited is among the top 20 insurance companies in the world and definitely one of the largest in Australia. They are located in 37 countries with Sydney as its base. See also History of QBE Insurance Group Limited, QBE Insurance Group Sponsorships, it’s structure as well as its subsidiaries.
QBE Insurance Group Limited is a general insurance and reinsurance company listed on the Australian Securities Exchange. The group was founded in January 1886 by James Burns and Robert Philip. QBE Insurance Group employees over 15,000 people in about 37 countries with it’s headquarters in Sydney, New South Wales Australia. As part of its operations, QBE offers commercial, personal and speciality products as well as risk management products. As at 2021, QBE Insurance had a revenue of $20.8 billion and Net income it about $750 million.
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History of QBE Insurance Group Limited
QBE was founded in 1886 as the North Queensland Insurance Co in Townsville, Queensland. It was founded by James Burns and Robert Philip, two Scottish migrants that also founded Burns Philip shipping company. In 1973, QBE was listed on the Australian Securities Exchange. It was formed from the merging of 3 companies whose names represent letters of the main company.
Q: Queensland Insurance
B: Bankers’ and Traders’ Insurance Company
E: Equitable Life and General Insurance Co.,
Ever since its founding, QBE has gone ahead to acquire many more companies. In 1999, it purchased a 50% shareholding in Mercantile Mutual. Also in 2004, QBE purchased the remaining 50% from ING. Furthermore, QBE acquired Mexican Insurer Seguros Cumbre SA de CV in February 2007. Finally in 2011, they purchased Balboa Insurance of California from the Bank of America.
QBE Insurance Group Sponsorship
QBE Insurance is also well known for its sponsorship of sports teams. They are also the naming rights sponsor of the Sydney Swans since 1985, North Harbour since 2003 and the NSW Swifts since 2008.
Structure of QBE Insurance Group Limited
The organizational structure of QBE Insurance is made up of 3 geographic based operating divisions. They include;
1. A captive reinsurer (Equator Re) headquartered in Bermuda
2. An offshore service center in the Philippines
3. Various corporate functions located in the group head office in Sydney, Australia.
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With New York as its headquarters and so many offices across United States, North America’s portfolio are as follows:
1. Specialty and commercial
2. Alternative markets
The international division has its headquarters located in London. This division majorly handles the European and Asian operations of the organization. The international division ia a leading commercial property, specialty and multinational insurance provider. It also has global underwriting capabilities and a major presence in Lloyd syndicates market.
The Australia Pacific division has its headquarters in Sydney and consists of operations in Australia, New Zealand, Papua New Guinea etc. However, the company’s joint venture in India, QBE Raheja is also included in the Australia Pacific division. This portfolio provide offerings for personal, commercial, specialty and lender’s mortgage insurance lines.
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Equator Re is QBE’s captive reinsurer and provides re insurance protection to the divisions in conjunction with the Group’s external reinsurance programs.
QBE Insurance Subsidiaries
The following are lists of Subsidiaries in QBE Insurance Group Limited. They are as follows;
1. QBE Group Shared Services Limited
2. QBE New Zealand
3. QBE Insurance Holdings Pty Limited
4. QBE Management Services Pty Ltd
5. QBE Speciality Insurance Company
6. Asito B.V
7. QBE Poistovna AS
8. QBE Investment (UK) London
9. QBE Marine Underwriting Agency Pte Limited
10. QBE Trade Indemnity Limited
Note: QBE Insurance Group Limited has many more Subsidiaries. The above listed are some of the major ones.
Key People in QBE Insurance Group Limited
1. Michael Wilkins: Chairman Executive board since 2020
2. Andrew Horton: Chief Executive Officer Senior Management
3. Fiona Larnach: Chief Risk Officer Senior Management
4. Sam Harrison: Chief Underwriting Officer Senior Management
5. Christopher Bannocks.
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QBE Insurance Group Limited being One of the best in Australia offer lots of services to various insurers thereby still security their spot on the rank. Follow our website for more juicy infConclusio
See also: https://www.bloomberg.com/quote/QBE:AU