QBE will cut North American property exposure during 2022 in bid to slash volatility
Re/insurer QBE will actively seek to reduce exposure to the North American property segment in 2022, chief executive officer (CEO) Andrew Horton has said.
“While we consciously avoided adding exposure to this class in 2021, we will look to more actively reduce exposure in 2022 which will support our broader strategy to reduce volatility in the North American division,” Horton told his firm’s Q4 earnings call.
Horton cited “potential volatility” in North American property on account of catastrophe exposure alongside pricing trends which “have been challenging.”
The North American property de-risking comes as an early step in the portfolio opposition component of a new six-part strategic vision unveiled Friday (February 18).
The goal of portfolio optimization will include “managing future directions” with “deliberate choices” on product mix, geographies and customer types, Horton indicated. The goal will be to “better contain volatility” and “drive more consistency,” he said.
