Australia's (re)insurer QBE said on August 17 that the company's CEO of emerging markets David Fried is stepping down.
Mr Fried will continue to support QBE in a strategic advisory capacity to facilitate the transition to two separate divisions. Mr Jason Brown (currently group chief risk officer) and Ms Carola Fratini (currently CEO of Argentina) have been appointed as the new CEOs of Asia Pacific and Latin America, respectively.
The emerging markets division reported a combined operating ratio of 110.8 percent in the first half of 2017 compared to 99.5 percent in the same period a year ago. The “poor” underwriting result reflects a material increase in the current accident year claims ratio across numerous portfolios and regions, in both Asia Pacific and Latin America, coupled with adverse prior accident year claims development, primarily in Hong Kong, according to the statement.