QBE
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Peel Hunt and Jefferies analysts are reassured by calibre of the outgoing CEO’s internal replacement.
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CUO Adrian Cox will take over as CEO of the London-listed carrier next month, accelerating a move that was widely expected to happen at some point. -
Yosha DeLong will be cyber underwriting head, whilst James Tuplin will be international head of cyber underwriting.
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The carrier reported “significant claims provisions” following the judgement in the FCA BI test case.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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The former senior AJ Gallagher and IAG executive will take up the role in August, reporting to interim group CEO Richard Pryce.
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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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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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Shares in the Australian carrier slumped 12% following the disclosure.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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