QBE Insurance

QBE Insurance Group Limited

Type	Public
Traded as	ASX: QBE
Industry	Insurance
Founded	1886
Headquarters	82 Pitt Street Sydney, Australia
Key people	Ms Belinda Hutchinson (Chairman) Mr John Neal (Group Chief Executive Officer)
Products	General and reinsurance services
Employees	in 2009 there are around 13,000 staff in 45 offices worldwide
Website	www.qbe.com

QBE Insurance Group Limited is an Australian based general insurance provider, providing insurance services mainly to the Asia Pacific region, but also America, Canada, and Europe (QBE European Operations). It has offices in 52 countries. Although the company is widely diversified, it is weighted towards property, motor vehicle and marine insurance.

One of the largest companies in Australia, QBE has market capitalisation of A$18.6 billion, and represents 2.22% of the ASX 200 index. The company reported a 2009 profit of $1.970 billion. [1]

QBE was listed on the Australian Stock Exchange in 1973 from the merger of three companies whose names represent the letters of the combined company, Queensland Insurance, Bankers' and Traders' Insurance Company, and Equitable Life and General Insurance Co., [2] and its founding chairman was J.D.O. Burns (Burns Philp)(company director [3]

Since then, QBE has continued to acquire many companies. For example in February 2007, it acquired Mexican insurer Seguros Cumbre SA de CV, whose net tangible assets were estimated at $26million, and American insurer General Casualty Insurance. In 2011 QBE purchased Balboa Insurance of California, USA from Bank of America.

QBE Insurance is also known for its sponsorship of sports teams, including the Sydney Swans of the Australian Football League, the NSW Swifts of netball's trans-Tasman ANZ Championship, the Perth Glory of the Hyundai A-League and provincial New Zealand Rugby team, North Harbour. QBE is also the current Insurance Partner for English Premiership Rugby Union [4] and are Official Insurance Partner of England Rugby. [5]. They employ approximately 16,000 people worldwide.

Frank O’Halloran, the former CEO of the company, was with the company for over thirty years. He was appointed chief financial officer in 1982, joined the board as director of finance from 1987 to 1994 and was director of operations from 1994 to 1997.

John Neal is the new Group Chief Executive Officer, as at from 17 August 2012.

In early 2013, QBE was setting up its biggest office complex in the Philippines at the Bonifacio Global City’s Net Cube building, which is a local hub for its regional shared services. QBE has signed a deal to lease six floors of the Net Cube Building in BGC, acquiring 6,500 square meters, or about a third of the Net Cube building, according to a joint statement issued by QBE and KMC MAG Group, the real estate services firm that brokered the property deal. “We’re very excited to have a big, official home in Manila. It took us a long time to search for the perfect space and I’m glad we can finally get things rolling now,” QBE chief operating officer Brad Sinnatamby said.

Force-Placed Insurance Controversy

In 2011, QBE purchased Balboa Insurance Group, an insurance tracking company and force-placed insurer, from Bank of America. In the 2 years that followed, QBE became embroiled in hearings and legal battles over the controversial product, led by the efforts of whistleblower and writer Brian Penny.

External links

• Official Website
• Google Finance entry
• Colombia's Official Website
• Colombia's QBE SOAT
• QBR Business Practices Example 1
• QBR Business Practices Example 2