Global insurer QBE is looking to increase its presence in North America and Asia, despite struggling to find success in those markets.
Group CEO Patrick Regan told CNBC that 2017 was an “unacceptable year,” performance-wise in Asia. QBE’s performance also fell short in North America compared to its good business units in Australia and Europe.
“In [Asia and North America], we need to see some improvements as we go forwards,” Regan commented. He added that QBE needs to improve its “consistency” and reach similar levels of performance in all regions where it has a presence.
To make progress in Asia, QBE has appointed Jason Brown to the position of CEO for Asia-Pacific Operations. Brown, who used to be the group’s chief risk officer, will lead a new Asia-Pacific team that will execute new strategies and build on parts of the business that are performing well in the region, such as the agency-based business.
So far, the change seems to be working out. Regan has spoken publicly about “progress [being] good” and said he “expects to see improvements in 2018.”
QBE in North America is also focused on growth, explained Regan, and is looking for more efficiency and capacity in “mid-market and specialty businesses.”