QBE Insurance Group
About QBE Insurance Group Limited
Australia’s largest international insurer, is QBE Insurance Group Limited.
It offers insurance services all the key insurance markets including Australia, America, Europe, as well as the Asia Pacific region.
QBE Insurance Group Ltd. provides general insurance and reinsurance. It provides investment management and underwrites reinsurance and general insurance risks.
AM Best has affirmed the Financial Strength Rating of A (Excellent), and the Long-Term Issuer Rating (Long Term ICR of “a+”) of QBE Europe Limited (United Kingdom), QBE Europe nv/sa, and QBE North America Insurance Group’s pooled members.
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History of QBE Insurance Group Limited
QBE was created in 1973 by the merger of three companies. The names of the combined company are Queensland Insurance, Bankers’ and Traders’ Insurance Company and Equitable Life and General Insurance Co. Its founding chairman was J.D.O. Burns.
QBE continues to acquire companies. QBE has continued to acquire many companies. In February 2007, for example, it purchased Seguros Cumbre SA de CV in Mexico and also acquired General Casualty Insurance of America, which was valued at $26M.
Company’s Limited’s rating has a Negative Outlook. This is due to the significant drop in QBE’s financial performance in 2020 and uncertainty about its recovery. QBE suffered a statutory net loss after tax of USD1.5 billion in 2020. This was in contrast to a net profit in 2019 of USD547million. Its losses were due to goodwill impairment, tax asset write downs, Covid-19 claims provisioning, adverse pre-accident-year claims development, and high catastrophe losses. QBE’s combined ratio grew to 107% in 2020 from 100% in 2019, and 96% in 2018.
Underwriting losses in North America continued to be a problem for the group, requiring reserve strengthening and material goodwill impairment.
QBE’s Fitch Prism Model Score rose to ‘Extremely strong’ by 2020 from ‘Very strong’ at the end of 2019. This was due to increased capital, higher non life risk margins, and a lower investment cost.
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