QBE Insurance Group has announced changes to its board, appointing Neil Maidment (pictured) as a non-executive director, effective Feb. 21.
Concurrently, the company confirmed that Rolf Tolle will retire from the board following the annual general meeting on May 9.
QBE chair Mike Wilkins said that the changes are part of the company’s ongoing board succession strategy.
Maidment has held executive and board roles in the insurance sector, spending nearly 30 years at Beazley Plc, where he served as chief underwriting officer and led reinsurance operations. He has also been a non-executive director at Lloyd’s of London, Ecclesiastical Insurance Office Plc, and Benefact Group Plc.
“We’re delighted that Neil will be joining the QBE board, bringing his insights into risk management, strategic leadership, and market innovation,” Wilkins said.
Tolle, who has been with QBE since 2016, has chaired the Risk & Capital Committee and has been a member of several other board committees.
“I thank Rolf for his nine years of service and commitment to QBE,” Wilkins said. “Throughout his tenure, Rolf’s extensive experience in specialist insurance and reinsurance businesses has made a significant contribution to strengthening the company and enhancing its strategic direction. The board thanks Rolf for his valuable contribution and we wish him every success in the future.”
Aside from announcing changes to its board, QBE reported a profit after tax of US$1.779 billion for the 2024 financial year, an increase from US$1.355 billion in 2023. Gross written premium (GWP) for the year reached US$22.395 billion.
The company’s annual report noted improvements in underwriting performance across its operations. Wilkins said that QBE had continued executing its strategic priorities and maintained a stable capital position.
Financial performance indicators for 2024 included a 12.2% expense ratio, a 93.1% combined operating ratio, and a 17.7% net commission ratio. The company also reported US$1.488 billion in net investment income.
Group CEO Andrew Horton highlighted that ongoing initiatives to improve resilience and reduce volatility had contributed to more consistent financial performance.
QBE’s board declared a final dividend of 63 Australian cents per share for 2024.
QBE also reported a reduction in reinsurance costs, with total expenses falling to US$3.971 billion in 2024 from US$4.226 billion in the previous year.
The company attributed the decrease to structural adjustments, including the exit from non-core property segments and participation in the Australian cyclone reinsurance pool.
QBE also reported lower crop reinsurance expenses due to a reduction in premiums and a decline in external quota share reinsurance.
