Sydney headquartered QBE yesterday announced the transition of QBE International Markets (QIMS) to QBE Singapore to further strengthen and simplify its business operations.
Starting 1 January 2020, the 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 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 is a market leader in marine, energy and political violence/terrorism insurance in the region and has been operating on the Lloyd’s Asia platform since 2008. QBE announced in October that it would be streamlining its operations by combining its European Operations and Asia Operations under the newly created QBE International Division as of 1 January 2019. The new structure is part of efforts to create a more aligned and customer-focused business.
Mr Jason Hammond, CEO QBE Asia, said, “QBE sees great synergy in transitioning the QIMS business to the Singapore operations, at the same time leveraging on the underwriting expertise, scale and capabilities of QBE’s European Operations as part of the new QBE International Division.”
He continued, “These changes will enable QBE to enhance its customer proposition and build a stronger platform for long term, sustainable and profitable growth. 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.”
QBE has been represented in Singapore since 1891. QBE Singapore is part of the International Division of QBE Insurance Group. Headquartered in Sydney, the QBE Group operates out of 31 countries around the globe, with a presence in every key insurance market.