QBE merges Asia, European units; creates role of group CUO

Re/insurer QBE has unveiled plans to consolidate its Asian and European operations into a "large and better resourced" international division; it will also merger its Pacific business with its Australian & New Zealand operations.

From January 2019, QBE Asia Pacific will no longer be a separate division. The company's international operations will include European operations and Asia.

Richard Pryce, currently CEO European operations, will become CEO International and a new senior leader for Asia will be appointed, reporting directly to Pryce.

Furthermore, Australia Pacific will include Australia, New Zealand, the Pacific and India. Vivek Bhatia, currently CEO Australian & New Zealand operations, will become CEO of Australia Pacific.

Its North American operations will continue as unchanged led by CEO Russ Johnston.

QBE said this change and resulting simplification will make the company more efficient. Much of the administration and governance of its Asia Pacific operations will be absorbed by its International and Australia Pacific divisions. The company intends to issue an update on its group-wide cost-out agenda and 2019 outwards reinsurance placement in early December.

In addition to these changes, QBE has promoted Jason Brown from the position of CEO Asia Pacific operations to the new role of group chief underwriting officer. In this role, Brown will have responsibility for underwriting, pricing and reinsurance placement.

Since joining QBE in 2002, Brown has held numerous senior positions including group chief risk officer and executive general manager, technical & operations for Australian & New Zealand operations.

QBE chief executive officer, Pat Regan, said: “Today’s announcement represents the next step in creating a stronger, simpler QBE. These changes enable QBE to enhance our customer proposition and build a stronger platform for long term, sustainable and profitable growth.

"The Asia Pacific region remains important to QBE. Following a significant and successful program of work to remediate Asia Pacific Operations and its improved underwriting performance, we continue to see opportunities in these markets.

“Asia Pacific and European Operations are already collaborating in relation to underwriting opportunities and we expect to see further benefits from leveraging our underwriting expertise, scale and global capabilities across these business divisions. Aligning Asia with European Operations and the Pacific with Australian & New Zealand Operations will ensure we are best placed to support our customers and partners in those regions.”

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