QBE Singapore takes in regional specialty portfolios

Move part of group’s global streamlining initiative

QBE Singapore takes in regional specialty portfolios

Insurance News

By Gabriel Olano

QBE Singapore will take over the business of QBE International Markets Pte Ltd (QIMS), as part of its efforts to further strengthen and simplify its operations.

Beginning January 01, 2020, 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 insurer said in a statement. 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.

Similarly, the marine portfolio will combine with QBE Singapore’s marine business during the second quarter of this year.

QIMS specialises in marine, energy and political violence/terrorism insurance in the region and has been operating on the Lloyd’s Asia platform since 2008.

In October 2018, QBE announced that it would be streamlining its operations by combining its Europe and Asia regions under the newly created QBE International Division from the start of 2019. The new structure is part of efforts to create a more aligned and customer-focused business, it said.

“These changes will enable QBE to enhance its customer proposition and build a stronger platform for long term, sustainable and profitable growth,” said Jason Hammond, chief executive of QBE Asia. “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.”

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