QBE : Everything you need to know

QBE – Everything you need to know

 Headquarters Address 

Chifley Tower, 8 Chifley Sq, Sydney, New South Wales 2000, Australia

 GWP

US$13,442 million (according to 2019 annual report)

 Size (employees)

14,000+

 Global Locations

Operating in 27 countries

 Underwriting Expertise

Boat, car, caravan, home, landlords, motorcycle Insurance, travel, accident & health, aviation, and liability insurance

 Key People

Group CEO: Patrick Regan

About QBE
QBE is a general insurance and reinsurance firm with operations in 27 countries. It is listed on the Australian Securities Exchange and offers personal, commercial, and specialty products and risk management solutions.

QBE’s operations are divided into three segments: North America, Australia Pacific, and International.

The North American division is an integrated specialist insurer that provides specialty personal, commercial, and reinsurance capabilities. Meanwhile, the Australia Pacific segment focuses on personal lines products such as home, motor, and compulsory third-party insurance. It operates in Australia, New Zealand, India, and the Pacific.

QBE’s International division provides insurance products and risk management solutions across the personal, commercial, and specialty lines markets. It operates in Europe and Asia, including Singapore, Hong Kong, Malaysia, and Vietnam.

History of QBE
QBE traces its roots from the foundation of The North Queensland Insurance Company Limited (QI) in October 1886. By 1890, the company was already operating 36 agencies worldwide – including in the UK, New Zealand, Singapore, Hong Kong, and the Pacific Islands.

James Burns, one of the founders of QI, established the Bankers’ and Traders’ Insurance Company (B&T) in 1921 – with QI being the largest shareholder. In 1959, QI and B&T purchased a total of 80% of the Equitable Probate and General Insurance Company. Meanwhile, Burns and QI co-founder Robert Philp took the remaining 20%. QI and B&T merged in 1973, and the company was renamed QBE Insurance.

More recently, in July 2019, QBE stopped offering any direct insurance services to thermal coal mines and coal-fired powered stations as part of its commitment to protecting the environment. However, it continued to provide insurance services for metallurgical coal, oil, and gas companies.

Leadership at QBE

Patrick Regan – Group CEO
Regan joined QBE as the group financial officer in 2014. He became the chief executive officer for QBE’s Australian and New Zealand operations in 2016 and the group chief executive officer in 2018.

Regan has more than 30 years of industry experience with over 20 insurance and financial services firms. Before joining QBE, he served as the chief financial officer of Aviva plc in London, where he was responsible for finance, strategy, investor relations, mergers, and acquisitions.

Culture at QBE
QBE launched the QBE Foundation in 2011 to help people in need. Its community engagement strategy is aligned to the company’s Sustainable Development Goals (SDGs) priorities: health and wellbeing, diversity and inclusion, financial resilience and protection of vulnerable communities, decent work and economic growth, sustainable cities and communities, and climate action.

The QBE Global Foundation Committee (GFC) develops the foundation’s community investment strategy within the context of its group-wide sustainability framework. The foundation’s initiatives comprise charity partnerships, local grants, volunteer work, workplace giving, and in-kind giving.

Each divisional committee of the QBE Foundation assesses charity partnership applications against the global and divisional strategic objectives and global eligibility criteria, including the alignment of the insurer’s vision with that of the foundation. The foundation then enters a multi-year partnership with the chosen charity, focusing on creating solutions for local communities.

The foundation’s grant program provides up to $10,000 for a charity or organisation chosen by QBE employees. The employees can also apply for matched funding of up to $5,000 annually for their personal fundraising initiatives.

QBE’s workplace giving allows employees to make regular donations to the company’s charity partners from their pre-tax salary. Meanwhile, its in-kind giving provides a wide range of donation opportunities across its divisions, including the donation of used office furniture and offering office space to local charities.

QBE : In the news