The overhaul aims to further align and unify the business's global structure under managing director Steve Postlewhite. As part of the strategy, QBE Re will coordinate the underwriting of its products – property, casualty, accident & health, specialty, and life insurance – across all locations in which it operates.
The new structure was designed to respond to and better reflect current market dynamics and ensure the business remains relevant and influential and continues to provide high-quality service to existing and new clients and the broker community.
Commenting on the new structure, Postlewhite noted considerable growth opportunities across the products that QBE Re offers.
“Our new structure will enable us to deliver on our strategic ambitions for sustainable growth. Our aim is to create a QBE Re that is easier to do business with and creates a more consistent experience globally for our clients as our teams work more collaboratively across all of our offices. QBE Re is a strong business, but in order to achieve our aspirations, we need to continue to adapt and evolve to meet changing clients' needs. This is a critical step in that process,” he said.
As part of its strategy, QBE Re also made senior executive changes, including appointing Peter Wilkins as the chief underwriting officer (CUO), a newly created role that enables him to take ownership of the underwriting performance, strategy, and planning. He will be based in London and report to Postlewhite.
The reinsurer also appointed a global product leader for each line of business, reporting to Wilkins and responsible for providing underwriting expertise, governance, and oversight for each product globally:
Local offices in London, New York, Dubai, Bermuda, and Europe (Brussels and Dublin) will continue to be led by a general manager who will be responsible for strategic development, growth initiatives, and delivery of the P&L in each location and will work closely with the CUO and global product leaders.