QBE has announced changes to the reporting structure of its Australian and Asia Pacific operations.
The Australia Asia Pacific operations of QBE are currently managed as one division and are comprised of businesses in 18 countries with a combined gross written premium income of around US$5.0 billion and staff of over 5,600. The division has grown considerably over recent years, up over 100% since 2006, through acquisitions and increased market share.
A QBE spokesperson said, “The opportunities in Asia Pacific and the size of the Australian operations have necessitated a structural review. To maximise opportunities and improve decision-making and operational efficiencies, the Australian and Asia Pacific operations will be separated, with each of them reporting directly to Group head office. There will be no change for statutory segment reporting purposes, with Australia and Asia Pacific already reporting separately.”
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