Harris stepped into the role ahead of the scheduled retirement of outgoing chair Dave Duclos, who will remain with the company until July to support the transition.
During his tenure, Duclos oversaw the transformation of QBE Capital, including its elevation to a Class 4 insurer in Bermuda – a designation that authorised the entity to take on third-party risk.
His time with the company included strengthening board governance and expanding the captive’s role within the group’s overall risk strategy.
Harris, most recently CEO and board member of Monarch Point Re, brought with him decades of experience in reinsurance and capital markets.
His prior executive leadership at Montpelier Re included roles such as chief actuary, chief risk officer, chief underwriting officer, and eventually chief executive officer.
His board experience extends to Catalina Holdings, Oceanview Reinsurance, and previously, entities like James River Group and Hiscox Re.
The appointment comes shortly after two major credit rating agencies issued positive assessments of QBE Capital’s role within the broader group.
In December 2024, AM Best assigned a financial strength rating of “A” (Excellent) and a long-term issuer credit rating of “a+” to QBE Capital Ltd and its wholly owned subsidiary QBE Capital (Global) Ltd. The ratings were given with a stable outlook.
These assessments, according to AM Best, are anchored by the parent group’s strong balance sheet, effective risk management systems, and consistent operational results.
In a separate development in May 2025, S&P Global Ratings raised QBE Insurance Group’s long-term issuer credit rating to “A,” up from “A-.” The ratings on the group’s key underwriting subsidiaries were also lifted to “AA-” from “A+.” The outlook remains stable across all instruments and entities.
S&P attributed the upgrade to enhanced earnings stability and an improved underwriting discipline. The group’s capital adequacy, which now surpasses extreme stress thresholds under S&P’s risk-based capital framework, also contributed to the revised rating.
QBE reported a net profit of US$1.78 billion for 2024, up from US$1.36 billion the previous year. The company achieved a combined operating ratio of 93.1%, compared to 95.2% in 2023, indicating underwriting gains. The North America division improved to a 98.9% combined ratio, aided by the wind-down of noncore portfolios and catastrophe risk reductions.
Total gross written premiums rose 3% to US$22.4 billion in 2024, supported by international growth and rate increases, although these were partly offset by exits from noncore business in North America and Australia.
Looking ahead, S&P expects QBE to deliver around 5% top-line growth in 2025, underpinned by steady pricing momentum.
The agency cautioned that any decline in underwriting quality or capital levels could pressure the ratings, particularly if driven by shifts in underwriting appetite or insufficient reinsurance protections.
