NU Online News Service, March 8, 11:04 a.m. EST
QBE Insurance Group says it has created a new business model to join all of its reinsurance operations under one unified brand.
QBE Re will be comprised of Syndicate 566, QBE Re (Europe), Secura NV, and QBE Re (Americas) with a single management team.
The move is meant to “allow QBE Re to offer its clients a consistent underwriting philosophy,” says a statement from QBE.
Jonathan Parry, now the chief underwriting officer for reinsurance in Europe, will lead QBE Re, which will have gross written premium of more than $1.5 billion from a portfolio that includes property, casualty and specialty lines, QBE says.
“Our business philosophies, market approach and appetite will be coordinated, which in turn will help ensure greater consistency across underwriting, pricing, risk management and reserving,” says Parry.
Supporting Parry will be Paul Hogan, head of property, Chris Larson, head of casualty and U.S. multiline; Peter Wilkins, head of specialty lines; and Luc Boghe, head of European multiline.
John Neal, chief executive of QBE Insurance Group’s global underwriting operations, says the move to establish a single brand “underlines QBE’s commitment to the reinsurance market.”
Neal is slated to become the group CEO. Frank O’Halloran announced his retirement date of Aug. 17 after 14 years as CEO.