Qbe Insurance: Admitted Carrier Status Explained

QBE Insurance Group Limited is an Australian multinational general insurance and reinsurance company headquartered in Sydney, Australia. It is one of the largest insurance and reinsurance companies in North America, with its North American headquarters in New York and offices throughout the United States. QBE offers a range of insurance products, including commercial, personal, and specialty lines, as well as risk management solutions. The company operates in 27 countries and employs around 13,500 people worldwide. QBE's North American division provides property and casualty insurance and is rated A by A.M. Best and A+ by Standard & Poor's.

QBE Insurance Group's North American headquarters and business portfolio

QBE North America is a global insurance leader, holding A+ and A ratings, and offering a wide range of products to protect individuals and businesses. In 2023, QBE North America wrote $7.6 billion in gross premiums.

The North American division is part of the QBE Insurance Group, which operates in several regions, including Australia Pacific, Europe, and Asia. The company's North American headquarters are in Sun Prairie, Wisconsin.

QBE North America provides specialty commercial, personal, and reinsurance capabilities to meet its customers' evolving needs. They offer tailored primary and excess products to meet specific customer needs and add business value. For instance, they understand the unique risks in construction and provide comprehensive services for easy adoption of captive insurance.

The company also has a range of subsidiaries and affiliated companies, including:

• QBE Reinsurance Corporation
• General Casualty Company of Wisconsin
• Southern Pilot Insurance Company
• North Pointe Insurance Company
• Regent Insurance Company
• Stonington Insurance Company

QBE's history and organisational structure

QBE Insurance Group Limited is an Australian multinational general insurance and reinsurance company headquartered in Sydney, Australia. It was founded in 1886 as the North Queensland Insurance Co in Townsville by two Scottish migrants, James Burns and Robert Philp, founders of shipping company Burns Philp, to insure its ships. The company offered marine insurance to early pioneers to safeguard against uncertainty.

By 1890, the company had over 35 agencies in locations such as London, Hong Kong, and Singapore. Over the following two decades, they increased their overseas operations, setting up in Thailand, Vietnam, Malaysia, India, China, Sri Lanka, and Burma, among others. In 1904, the company opened its own offices on Fenchurch Street in London, and in 1924, it opened offices in New York.

In 1921, Burns founded the Bankers' and Traders' Insurance Company (B&T), with QI being the largest shareholder. In 1959, QI and B&T each purchased 40% of The Equitable Probate and General Insurance Company, with Burns Philp taking the remaining 20%. In 1973, QI and B&T merged and took the name QBE Insurance, with the letters Q, B, and E representing the three merged companies.

QBE has continued to acquire many companies and expand its global presence. It offers commercial, personal, and specialty products, as well as risk management solutions, to help people and businesses manage risks and build resilience. The company employs around 13,500 people in 27 countries.

The organisational structure of QBE Insurance Group is composed of three geographic-based operating divisions: North America, International, and Australia Pacific. It also includes a captive reinsurer (Equator Re) headquartered in Bermuda, an offshore service centre in the Philippines, and various corporate functions located in the group head office in Sydney, Australia.

QBE's auto insurance program and discounts

QBE auto insurance offers a range of benefits and optional coverages. The company has been insuring Australians for over 130 years and has received several awards for its services. QBE's comprehensive car insurance covers accidental loss or damage to your car in the event of a collision, theft, fire, or weather event. It also provides limited coverage for damage caused by your car to other people's property.

QBE's comprehensive car insurance offers several benefits, including accident damage, fire, and theft cover, a three-year new car replacement (conditions apply), a hire car when you're not at fault in an accident, a repair guarantee for as long as you own the car, damage to other people's property up to $30 million, and a 'No Excess' windscreen cover (conditions apply).

QBE also offers third-party property damage car insurance, which provides cover for damage caused by your car to someone else's vehicle or property. This type of insurance can also cover loss or damage to your car by fire, theft, or attempted theft for an extra premium.

QBE's auto insurance rates are based on each individual's driving behaviour, and they offer various discounts, including:

• Good student discount
• Proactive customer discount
• Passive restraint discount
• Accident/violation-free discount
• Multi-policy discount

QBE's international division and operations

QBE Insurance Group Limited is headquartered in Sydney, Australia, and operates in 27 countries, providing insurance to policyholders in more than 140 countries. The company is divided into five regional divisions: North America, Latin America, Europe, Australia & New Zealand, and Asia Pacific.

The International Division, headquartered in London, incorporates European Operations and Asia (Hong Kong, Singapore, Malaysia, and Vietnam). This division provides a range of insurance products and risk management solutions across commercial, personal, and specialty lines. It is a leading commercial property, specialty, and multi-national insurance provider with global underwriting capabilities and a significant presence in the Lloyds syndicates market.

The Australia Pacific division, headquartered in Sydney, covers operations in Australia, New Zealand, Papua New Guinea, and various Pacific Islands. It also includes QBE's joint venture in India, QBE Raheja, for reporting purposes. This division offers personal, commercial, specialty, and lender's mortgage (LMI) insurance lines.

QBE's North American Operations, headquartered in New York, is an integrated specialist insurer offering specialty commercial, personal, and reinsurance capabilities to meet the evolving needs of its customers.

QBE's organisational structure also includes a captive reinsurer (Equator Re) headquartered in Bermuda and an offshore service centre in the Philippines. The company's global distribution channels, technical expertise, market relationships, and diverse range of products and services give it a competitive edge in the insurance market.

QBE's rating by the National Association of Insurance Commissioners (NAIC)

The National Association of Insurance Commissioners (NAIC) is a non-profit, non-partisan organisation led by the insurance commissioners of the 50 US states, Washington, D.C., and the country's five territories. The NAIC develops model rules and regulations for insurance companies and products, as well as providing support to insurance regulators and resources for consumers.

QBE Insurance Group is one of the largest insurance and reinsurance companies in North America. It is headquartered in New York and has offices across the country. According to the NAIC's 2022 market share report, QBE's share of the property and casualty business is 0.8%.

QBE Insurance has received high marks for financial stability and has been rated A by AM Best, an independent global credit rating agency that assesses the financial strength of insurance companies. QBE has also received an A+ rating from Standard & Poor's, another credit rating agency.

In terms of customer experience, QBE has a score of 1.35 on the NAIC's national complaint index, which means it receives slightly more complaints than expected for a company of its size. The majority of complaints in the insurance industry as a whole in 2021 were about how insurers handled policyholders' claims, including unsatisfactory settlements or offers, delayed claims, and denied claims.

QBE's home insurance policies are available in all 50 states and Washington, D.C. The company's auto insurance program also offers all state coverage requirements and full-coverage policies.

Frequently asked questions