QBE European Operations plc

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.