QBE merges Lloyd’s Asia platform QIMS under Singapore operations
Re/insurer QBE is in the process of realigning its business operations to take a more customer-centric approach. Its latest move has resulted in the merger of its regional specialty portfolios in Asia.
The re/insurer has announced that it is transferring QBE International Markets Pte (QIMS) to QBE Singapore to further strengthen and simplify its business operations. QIMS offers marine, energy and political violence/terrorism insurance in the region and has been operating on the Lloyd’s Asia platform since 2008.
Starting in January 2020, the QIMS energy and political violence/terrorism portfolios will become a part of QBE International Division, transacting business under QBE instead of the Lloyd’s Asia scheme. The portfolios will remain on the Lloyd’s Asia platform until the end of 2019. Underwriting appetites, capacity and underwriting authorities will remain unchanged under the new structure.
QIMS' marine portfolio will combine with QBE Singapore’s marine business during the second quarter of this year.
QBE revealed in October its plan to streamline its operations by combining its European and Asia operations under the newly created QBE International Division as of January 2019. The new structure is part of efforts to create a more aligned and customer-focused business, it said.
“QBE sees great synergy in transitioning the QIMS business to the Singapore operations, at the same time leveraging on the underwriting expertise, scale and capabilities of QBE’s European Operations as part of the new QBE International Division,” said Jason Hammond, CEO QBE Asia.
“These changes will enable QBE to enhance its customer proposition and build a stronger platform for long term, sustainable and profitable growth. With all staff and operations of QIMS relocating to the same office as QBE Singapore, it further strengthens QBE’s position as one unified brand operating from one single location to service and support its customers.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Energy firm cleared of Tubbs fire files for bankruptcy
Swiss Re prepares for post-Brexit world with new capital markets unit
WR Berkley shrinks reinsurance as it “de-emphasizes less attractive opportunities”
California wildfires dent RenRe’s profits but it sees strong growth
AXIS Re taps Gen Re VP for Canadian underwriting business
Lloyd's appoints former US Senator John Sununu to council
RFIB hires new reinsurance CEO for Asian expansion
Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze