QBE
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A restructure will see a global product leader appointed for all QBE Re’s business lines. -
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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The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
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The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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The loss portfolio transfer gave an exit solution to investors in the ILS-backed legacy fund.
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QBE Re has appointed Attilio Tornetta as head of Africa in a bid to grow its treaty hub for the continent.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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