QBE European Operations plc

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QBE European Operations plc Annual report 2011 08 Our business structure QBE EO operates a product-led model, supported by an established distribution network that operates predominantly in the London, UK regional and European markets Brokers/clients UK UK London QBE EO Lloyd’s syndicates QBE EO companies London Europe Europe Product-led model Property, Casualty and Motor Marine, Energy and Aviation Reinsurance and Credit Lines QBE EO companies QBE Insurance (Europe) Limited (QIEL) QIEL is a specialist business insurer writing business in the UK and throughout Europe. It offers insurance products for professional indemnity, financial and credit, bloodstock, public liability, product liability, employee liability, motor vehicle and property facultative. The company is regulated by the Financial Services Authority (FSA) and has overseas branches in Bulgaria, Czech Republic, Denmark, Estonia, France, Germany, Hungary, Ireland, Italy, Romania, Slovakia, Spain, Sweden, Switzerland and the United Arab Emirates. QBE Reinsurance (Europe) Limited (QREL) QREL, based in Dublin, operates as an international treaty reinsurer. The company focuses predominantly on non-proportional business, the majority of which it generates from brokers operating outside the London market. Secura NV Secura NV is a specialised European reinsurer operating from Brussels, Belgium. Established in 1946, its broadly based portfolio focuses on Benelux and France. Secura NV forms part of QBE EO’s Reinsurance Division, while continuing to operate as a separate brand domiciled in Belgium to service its established continental Europe client base. 2011 2010 Gross written premium £m 1,283 1,282 Net earned premium £m 1,024 963 Net investment income £m 123 83 Profit before tax £m 49 25 Combined operating ratio % 105.6 106.0 Total assets £m 4,426 4,286 Shareholders’ funds £m 1,002 1,041 2011 2010 Gross written premium US$m 146 122 Net earned premium US$m 116 88 Net investment income US$m 17 32 Profit before tax US$m 55 75 Combined operating ratio % 66.9 51.5 Total assets US$m 725 631 Shareholders’ funds US$m 351 333 2011 2010 Gross written premium €m 233 229 Net earned premium €m 210 200 Net investment income €m 13 56 Profit before tax €m 29 43 Combined operating ratio % 83.9 70.0 Total assets €m 1,343 1,263 Shareholders’ funds €m 261 228
QBE European Operations plc Annual report 2011 09 QBE EO’s product-led model comprises three distinct divisions, each of which offers clients the choice of writing business through company or Lloyd’s security QBE EO Strategic overview Property, Casualty and Motor Ash Bathia Marine, Energy and Aviation Colin O’Farrell Reinsurance and Credit Lines Jonathan Parry Lloyd’s syndicates QBE EO company Lloyd’s syndicates QBE EO company Lloyd’s syndicate QBE EO companies QIEL 386 1886* QIEL 5555* 1036* QIEL 566* QREL Secura NV * Part of QBE Syndicate 2999 QBE EO Lloyd’s syndicates QBE EO manages its Lloyd’s activities through QBE Underwriting Limited (QUL), one of the largest managing agents at Lloyd’s. QBE Casualty Syndicate 386 Syndicate 386, established in 1974, is a specialist UK non-marine liability insurer. Led by Ash Bathia, active underwriter, it is a non-aligned syndicate with capacity for 2011 of £365 million, 69.6% provided by QBE EO. Part of the Property, Casualty and Motor Division, it writes professional and finance lines focused in the UK, international liability and employers’ liability, public and products’ guarantee for construction and offshore accounts in the UK and Ireland. QBE Syndicate 2999 Syndicate 2999 is a wholly aligned Lloyd’s syndicate with capacity for 2011 of £930 million, led by Ash Bathia, Colin O’Farrell and Jonathan Parry as joint active underwriters from 2011. It is an umbrella syndicate established for the 2000 year of account to provide a mechanism for the efficient use of capital, while maximising the individual strengths and professional expertise of the underlying sub-syndicates. S&P ratings table QIEL QREL Secura NV Syndicate 386 Syndicate 2999 S&P A+/stable A+/stable A/stable Sub-syndicates of 2999 For 2011, Syndicate 2999 operated five autonomously managed sub-syndicates that wrote a broad range of business. LSA 5/stable 4-/stable 2011* 2010* Gross written premium £m 443 458 Net earned premium £m 377 355 Net investment income £m 36 35 Profit for the year £m 160 175 Combined operating ratio % 67.3 60.6 Total assets £m 1,811 1,945 * Table shows full syndicate results rather than QBE EO’s 69.6% share. 2011 2010 Gross written premium £m 1,115 1,013 Net earned premium £m 763 686 Net investment income £m 11 13 Profit for the year £m (24) 129 Combined operating ratio % 104.6 83.1 Total assets £m 3,012 2,810 2011 Sub- capacity syndicate Class £m 566 Reinsurance 290 1036 Marine and Energy 355 1886 † Property, Casualty and Motor 108 5555 Aviation 107 2000 Property 70 † For 2012 sub-syndicate 1886 includes risks previously written by sub-syndicate 2000.
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