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QBE reinsurance buyer Fiore to retire in 2022 after 30 years

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QBE reinsurance buyer Jim Fiore will retire from the carrier in April next year after nearly 30 years with the firm, this publication can reveal.

Sources said his responsibilities will be divided between Neil Jones, who will be group head of ceded reinsurance, and Rob Stone, who will be managing director of QBE’s captives, Equator Re and Blue Ocean.

Fiore joined the insurer in 1992, according to his LinkedIn profile, and in 2012, was named group chief reinsurance officer and president of its Bermuda captives. Before that, he held various roles at the firm including CUO for QBE Re North America.

Earlier on in his career in the 1980s, Fiore held underwriting roles at Home Reinsurance, later US International Reinsurance.

His approach to reinsurance buying was notable in leading QBE to become one of the first insurers to consolidate its reinsurance purchasing globally and sources said his approach was ahead of its time in introducing efficiencies to the ceding process.

One called him a “hands-on buyer” who understood a reinsurance underwriter’s position, having been one.

QBE also set up major deals with Berkshire Hathaway that at one stage included a 15% quota share on its main programme, and from 2015 to 2018 placing the full limit of its aggregate XOL deals with the reinsurer.

From April 2022, his roles will be handed on to two UK based colleagues, Jones and Stone.

Jones, currently head of reinsurance review according to his LinkedIn profile, will take on the head of ceded reinsurance role, while captives oversight will go to Stone.

Stone is currently CFO of QBE’s captive reinsurance division, a role he has held since 2019 after joining QBE in 2008 and working his way through various finance roles.

Before that he spent eight years at KPMG.

QBE could not immediately be reached for comment.

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