QBE Insurance Group Ltd. history, profile and corporate video
QBE Insurance Group Ltd. is a general insurance and reinsurance company. It underwrites commercial and personal line classes of business, including property, motor & motor casualty, agriculture & bloodstock, liability, marine, energy & aviation, workers compensation, financial & credit, professional indemnity, accident & health and others. The company operates its business through the following segments: North American, Latin American, European, Australian & New Zealand, Asia Pacific and Equator Re. The North American segment writes general insurance and reinsurance business in the United States and Bermuda. The Latin American segment writes general insurance business in North, Central and South America. The European segment writes general insurance business principally in the United Kingdom and throughout mainland Europe. This segment operates general insurance and reinsurance business through Lloyd’s of London. The Australian & New Zealand segment primarily underwrites general insurance risks throughout Australia and New Zealand. This segment also provides all major lines of insurance for personal and commercial risks. The Asia Pacific segment provides personal, commercial and specialist general insurance covers throughout the Asia Pacific region. The Equator Re provides reinsurance protection to related entities in Bermuda. QBE Insurance Group was founded in 1973 and is headquartered in Sydney, Australia.“
“QBE Insurance Group History
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.
We look forward to the future with the same excitement, determination and enthusiasm that our founders did in 1886.”
*Information from Forbes.com and Qbe.com
**Video published on YouTube by “QBEEO“