QBE Insurance Group Limited is Australia’s largest global insurer. It provides insurance services mainly to Australia, America, Europe and Asia Pacific region. QBE has 14226 employees in 37 countries worldwide. As of Aug 2012, QBE was ranked among the world’s top general insurers. QBE has market capitalisation of A$ 17.81 billion.
The company reported a 2016 profit after tax of $US884 million and an Combined operating ratio (COR) or 94%, with profit up 23% on the prior year.
QBE was listed on the Australian Stock Exchange in 1973 from the merger of three companies whose names represent the letters of the combined company, Queensland Insurance, Bankers’ and Traders’ Insurance Company, and Equitable Life and General Insurance Co., and its founding chairman was J.D.O. Burns.
Since then, QBE has continued to acquire many companies. For example, in February 2007, it acquired Mexican insurer Seguros Cumbre SA de CV, whose net tangible assets were estimated at $26 million, and American insurer General Casualty Insurance. In 2011 QBE purchased Balboa Insurance of California, USA from Bank of America.
QBE Insurance is also known for its sponsorship of sports teams, including the Sydney Swans of the Australian Football League, the Sydney Roosters of the National Rugby League, the NSW Swifts of netball’s trans-Tasman ANZ Championship, the Perth Glory of the A-League and provincial New Zealand Rugby team, North Harbour. QBE is the official insurance partner of England Rugby and the Argentine Rugby Union.
John Neal was appointed to the position of Group Chief Executive Officer on 17 August 2012. Frank O’Halloran, the former CEO was with the company for over thirty five years. He was appointed chief financial officer in 1982, joined the board as director of finance from 1987 to 1994 and was director of operations from 1994 to 1997.
GPO Box 2975 Melbourne,
+61 3 9415 4840