QBE Insurance Group is one of the world's top 20 general insurance and reinsurance companies, with operations in all the key insurance markets. QBE is listed on the Australian Securities Exchange and is headquartered in Sydney. It employs more than 17,000 people in 43 countries. Its underlying business strategy is to maintain operations in the key global insurance markets and, where possible, to be a lead underwriter for selected lines of business.
QBE's strategy of diversification by product and geographical exposure is fundamental to managing its insurance and reinsurance risks and has been a vital ingredient in the Group’s success. It has developed a unique QBE culture which is based on six core values and effective risk management practices and controls. It aims to grow the business through its existing extensive networks and acquisitions of insurance businesses, portfolios and teams of underwriters that meet its stringent criteria for minimum return on equity and EPS accretion in the first year of acquisition. QBE Group has successfully delivered more than 135 acquisitions since its first acquisition in 1982 and has grown substantially over the last 10 years. QBE's gross written premium was US$17.9 billion in 2013.
The growth of QBE, nationally and internationally, is the story of an institution that for more than 127 years has played a significant part in Australian commercial history. In October 1886, two young Scotsmen, James Burns and Robert Philp, established QBE’s foundation company, The North Queensland Insurance Company Limited (QI). By 1890, QI had established over 36 agencies in locations including London, Hong Kong, Singapore, New Zealand and the Pacific Islands. In 1904, the company opened its own offices on Fenchurch Street London. In 1924, QI opened offices in New York. In 1921, Burns founded the Bankers’ and Traders’ Insurance Company (B&T), with QI being the largest shareholder. The name Traders’ was derived from the Burns and Philp-founded South Sea Islands trading firm Burns Philp and Company, which also had a shareholding in the insurance firm. The Bankers’ was derived from the Royal Bank of Canada-owned Montreal Trust Company, which also had a stake in the venture. In 1959, QI and B&T each purchased 40% of The Equitable Probate and General Insurance Company, with Burns Philp taking the other 20%. In 1973, QI and B&T merged and took the name QBE Insurance. The Q was taken from Queensland Insurance, B from Bankers' and Traders' and E from The Equitable Probate and General Insurance Company that had been already acquired by both companies. In 1991, QBE and the trading company Burns Philp ended their 105-year-old partnership when they unwound their cross-shareholdings in each other. QBE has since become one of the top 20 insurers and reinsurers worldwide, growing its gross written premium from $1 billion in 1994 to more than $17 billion in 2013. It looks forward to the future with the same excitement, determination and enthusiasm that its founders did in 1886.
QBE North America Operations:
Since establishing its North American presence in 1991, QBE has focused on diversification, superior product offerings and unparalleled customer service. Headquartered in New York, with offices throughout the country, its insurance portfolio consists of five major segments:
· Property & Casualty
· Specialty
· Crop
· Financial institutions
· Reinsurance
QBE North America Operations is a division of QBE Insurance Group Limited, one of the world's 20 largest insurance and reinsurance companies. It is rated A+ by Standard & Poor’s and A (Excellent) by A.M. Best. Located in 43 countries, it is operational in all key global insurance markets and is considered a leading underwriter within its chosen markets. QBE has 13,500 employees worldwide.
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