QBE merges Lloyd’s Asia platform QIMS under Singapore operations
Re/insurer QBE is in the process of realigning its business operations to take a more customer-centric approach. Its latest move has resulted in the merger of its regional specialty portfolios in Asia.
The re/insurer has announced that it is transferring QBE International Markets Pte (QIMS) to QBE Singapore to further strengthen and simplify its business operations. QIMS offers marine, energy and political violence/terrorism insurance in the region and has been operating on the Lloyd’s Asia platform since 2008.
Starting in 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.
QIMS' marine portfolio will combine with QBE Singapore’s marine business during the second quarter of this year.
QBE revealed in October its plan to streamline its operations by combining its European and Asia operations under the newly created QBE International Division as of January 2019. The new structure is part of efforts to create a more aligned and customer-focused business, it 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,” said Jason Hammond, CEO QBE Asia.
“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.”
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