How To Run A Global Insurance Company

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1 News release Date: 4 September 2013 QBE confirms new operating model for European Operations QBE, the business insurance specialist, has confirmed that from October its European division will operate via two insurance businesses, Retail and International Markets. This is in addition to the reinsurance franchise, QBE Re, which is unchanged. The new structure will enable QBE to respond to the evolving and increasingly sophisticated needs of its brokers and clients by providing better cross-product focus and improved support to meet the different demands of wholesale, specialty, subscription and retail. The creation of Retail and International Markets allows QBE to build upon its comprehensive distribution network and will create a platform for continuing sustainable growth through a more seamless integration of underwriting and distribution. International Markets, led by Colin O Farrell,, will include marine, energy and aviation portfolios plus all non-european property and casualty business (with the exception of Financial Lines and Specialty Casualty). The Retail proposition comprises two separate business units, UK & Ireland and continental Europe delivering a diverse property, casualty and motor product range via its network of 17 offices. In addition, Financial Lines and Specialty Casualty will be offered across all territories and operated as a specialist business within Retail. Until an appointment is made to lead Retail, Richard Pryce will work closely with senior managers to develop the business. A new Distribution & Relationship Management function led by Chris Wallace, Director, will be established to build and expand upon QBE s existing broker partnerships while developing an enhanced proposition for QBE s clients. Finally as of October , Steven Burns will hand over to Richard Pryce who will become CEO of European Operations. Steven will be focusing on Group matters during the 4 th Quarter in advance of becoming Group CFO early next year. Richard Pryce, Deputy Chief Executive Officer, commented This reorganisation allows us to address the different needs of the International and Retail markets, create and deliver products that are right for our clients and ultimately position ourselves for profitable growth. We are actively engaged with our broker partners to ensure a smooth transition into the new structure. For further information please contact: <ends> Sandra Villanueva Corporate Communications Tel: + (0) mediarelations@uk.qbe.com Visit us on the web at Follow us on Twitter at

2 NOTES TO EDITORS QBE European Operations organisational charts Senior team biographies 2

3 QBE European Operations Executive CEO (effective 1st October) Richard Pryce CFO David Winkett CRO Phil Dodridge CUO s Colin O Farrell Jonathan Parry Retail - TBR COO Joe Gordon (effective 1st Oct) CCO Dominic Clayden (effective TBA) CHRO Cheryl Curtis 1

4 Underwriting and distribution reporting lines* Richard Pryce Chief Executive Officer TBA Retail Colin O Farrell International Markets Jonathan Parry QBE Re Chris Wallace Director Distribution & Relationship Management * Effective 1 October Press release

5 QBE Retail* UK and IRELAND Matthew Crane EUROPE Jerry Probert Financial Lines & Specialty Casualty David Harries *Effective 1 October Press release

6 QBE International Markets* Colin O Farrell Managing Director Sam Harrison Canada, Middle East Marine British Marine Natural Resources & Political Property Casualty Aviation *Effective 1 October Press release

7 BIOGRAPHIES QBE RETAIL Matthew Crane - Managing Director QBE UK and Ireland Matthew graduated from Leeds University in 1995 and commenced work with Ensign Motor Policies at Lloyd s in Matthew completed his ACII in April 2000 when he was appointed to the position of Fleet Underwriter with the primary focus of leading the business through underwriting changes. In 2003 Matthew was promoted to the position of Deputy Underwriter with overall responsibility for the underwriting functions of Ensign which incorporated a combined EL and PL account, personal lines motor, overseas motor and the core commercial motor account. Matthew was also part of the team that led the acquisition of Torch and the subsequent MBO of Ensign from Limit. Two years later when QBE purchased the Ensign motor portfolio Matthew was promoted to the position of Underwriting Director and then into the role of Managing Director for Motor European Operations incorporating the integration of Minibus Plus, Iron Trades motor and Ensign. In his capacity as Managing Director, Matthew also advised on all areas of leadership and change within QBE European Operations. Jerry Probert - Director of Europe Jerry s career began in 1979 as a Trainee Underwriter at Zurich and during his 11 years with the company he was promoted to Team Leader and later Referral Underwriter for the UK Branch Network. In 1990 he left to join Cologne Re in Cologne as an Underwriter / Referral Underwriter for Casualty Facultative business across the company s International branches. He later returned to London to manage the UK Casualty Facultative book. Jerry joined Gen Re in 1996 as Team Leader and was subsequently promoted to UK Casualty Manager and later Manager for the European, Middle Eastern and African Casualty Facultative portfolio and network. He joined QBE in 2007 as Manager of New Product Development for Casualty Division. This role changed in 2008 and saw him become Manager of the European Desk and subsequently the International Desk, where his remit was to maximise the underwriting and distribution potential of the QBE Offices in Europe, Canada and Dubai. David Harries - Active Underwriter Syndicate 386 and Director Financial Lines and Specialty Casualty David began his career at Nelson Hurst as a Professional Lines Broker in 1985 and in 1986 joined MW Payne Syndicate 386 as an Assistant Underwriter within the Professional Indemnity Team. In 2002 he was Head of Professional Indemnity for Syndicate 386 and in 2007 was appointed Head of Professional Indemnity within the integrated Casualty Division. In 2009, David s team then increased to include Financial Lines and Casualty International and Trade Credit. More recently David was appointed Active Underwriter of Syndicate 386. David holds a BSc (Hons) in Economics and Politics from Queen Mary College, University of London. 3

8 QBE INTERNATIONAL MARKETS Colin O Farrell -, QBE international Markets Colin entered the insurance industry in 1984 when he joined the marine underwriting department of the Insurance Company of North America (UK) Ltd. He left in 1986 to assist in establishing Syndicate 1036 at Lloyd s, with Neil Copping as the Active Underwriter. In 1992 Colin became the Energy Underwriter and in 1997 he was appointed Syndicate Deputy. Following Neil s retirement in June 2002, Colin became Active Underwriter of the Syndicate and in 2007 went on to become Managing Director for QBE European Operations Marine & Energy Division. In 2010, Colin was appointed of QBE s expanded Marine, Energy and Aviation division. Sam Harrison - Managing Director, QBE International Markets Sam joined the insurance industry in 1993 as a participant in the Commercial Union Graduate Programme, having obtained a degree in Economics from Swansea University and in 1995 joined the Commercial Union London Market Energy Underwriting Team. In 1998 Sam joined Syndicate 1036 as Energy underwriting assistant and assumed the role of Class Underwriter of Offshore Energy for the 2001 Year of Account. In 2005 he was appointed Head of Energy for the Syndicate, and in 2010 was appointed Head of Underwriting and in 2011 Director of Underwriting Marine and Energy. DISTRIBUTION & RELATIONSHIP MANAGEMENT Chris Wallace - Director Distribution and Relationship Management Chris Wallace joined the insurance industry in 1993, beginning his career with National Vulcan (the engineering arm of Sun Alliance, now RSA). Chris worked for RSA for 14 years predominantly in Commercial business across sales, underwriting, risk surveying, strategy & development in the UK & Global markets. Senior positions included running the Global & Risk Managed development team, leading the RSA SME business & running a successful large sales tender in the Personal Lines/Affinity business. Chris also worked for Marsh leading their UK Commercial SME business before joining QBE in November 2008 as Head of National Business Development. In 2011, Chris was appointed the Director, Strategy & Broker Development for the Property, Casualty & Motor Division. Chris has also successfully obtained a BA(Hons) in Marketing & Management and a Masters in Business Administration. 4