QBE
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development. -
The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The insurer’s expected full-year combined ratio is 94% and constant currency GWP growth 10%.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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Chris Killourhy joined QBE in June 2015 and has held several roles in the company, including chief actuarial officer and CFO of QBE’s Australia Pacific division.
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The company’s net cat loss fell by 1.7% to $454mn year over year.
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QBE Re CUO Peter Wilkins will step into the role until a suitable replacement is found, the company said.
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A restructure will see a global product leader appointed for all QBE Re’s business lines.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
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