QBE Insurance

Executive Summary

Profile

Global commercial insurer and reinsurer incorporated as an Australian public company; QBE Insurance Group Limited operates across three divisions — North America, Australia Pacific, and International (including Lloyd’s) — serving SME, middle-market, multinational corporate, and specialty insurance buyers. Founded in 1886 in Townsville, Queensland, the group writes across property, casualty, crop, marine, aviation, professional indemnity, and cyber lines.

Scale & Footprint

• Gross written premium of $23,959 million (FY2025, up 7%); market capitalisation approximately A$33.7 billion (May 2026); total assets USD 48,535 million; approximately $35.9 billion funds under management
• Approximately 13,000–13,500 employees globally
• Operations: Sydney, Australia (headquarters); Service Coverage: 26 countries across North America, Australia Pacific, Europe, Asia, and Lloyd’s markets, with network arrangements extending to over 170 countries

What You Should Know

• Active regulatory enforcement with unresolved penalty: ASIC initiated civil penalty proceedings in October 2024 alleging QBE misled over 500,000 customers on pricing discounts; a Statement of Agreed Facts was filed March 2026 with a case management hearing scheduled June 2026 — no penalty quantum determined as of the report date.
• Recurring conduct compliance pattern: Enforcement actions spanning the 2013 New York DFS consent order, 2018 DFS fine, 2023 ASIC claims handling findings, and January 2026 SIRA civil penalty collectively indicate a recurrent pricing and conduct theme across retail and small-commercial channels in Australia and the United States.
• Material multi-year financial turnaround: Following statutory net losses in 2013 and 2017 driven by reserve development and catastrophe losses respectively, QBE has delivered three consecutive years of COR improvement, with adjusted ROE rising to 19.8% in FY2025 — requiring ongoing monitoring given the active regulatory and litigation environment.
• Leadership concentration in transition: CFO succession, new technology leadership, new Board Chair, and three non-executive director departures between May 2025 and May 2026 coincide with active portfolio optimisation and an unresolved ASIC proceeding.

Ownership & Governance

• Publicly listed on the ASX with approximately 99.96% free float; no controlling shareholder — largest identified holders include AustralianSuper (approx. 9.46%), BlackRock (approx. 8.34%), and State Street (approx. 8.25%)
• Board of nine directors as of May 2026: one independent Chair (Yasmin Allen AM, effective 8 May 2026, succeeding Mike Wilkins AO), seven independent non-executive directors, and the Group CEO; four standing committees each comprising at least three independent directors; 44.4% female board representation

Business Environment

• Ranks in the top 20 global insurers and reinsurers per company disclosures; S&P/ASX 50 constituent; holds entrenched positions in North American crop insurance, Australian lenders mortgage insurance, and SME-to-middle-market commercial lines in Australia and the UK
• Three consecutive years of COR improvement (95.2% → 93.1% → 91.9%); management guiding mid-single-digit GWP growth and approximately 92.5% COR for 2026; average renewal premium rate increases moderating to 1.0% in FY2025, a sector-level headwind
• Portfolio optimisation progressing: February 2026 agreement to divest Global Trade Credit and Surety to Swiss Re Corporate Solutions; two large-scale reserve transactions totalling approximately $3.5 billion completed across 2023–2024; North American middle-market business in orderly closure

Key Strengths

• Dual AA- financial strength ratings with improving capital generation: Core operating entities carry AA- ratings from both S&P and Fitch (both upgraded 2025), with operating cash flow accelerating to AUD 4.22 billion in FY2025 — providing credible claims-paying assurance for large corporate and multinational programme buyers where counterparty quality is a decisive criterion.
• Structurally defensible licensed market positions: NAU Country Insurance Company’s licensing across the majority of U.S. jurisdictions and QBE Reinsurance Corporation’s accreditation across 19 U.S. states constitute regulatory barriers to entry that new crop and specialty lines competitors cannot replicate quickly or cost-effectively.
• Technology infrastructure with verifiable operational returns: The Cyber Underwriting AI Assistant delivered a 65% reduction in broker submission review time; combined with cloud migration of core platforms and an AI-powered workforce development programme, these investments demonstrate near-term productivity returns alongside medium-term underwriting capability building.

Specific Risk

• ASIC civil penalty proceeding — active (Critical): Proceedings initiated October 2024 allege QBE misled over 500,000 customers on pricing discounts from July 2017 to September 2022; penalty quantum unresolved as of the report date; case management hearing scheduled June 2026.
• Recurring pricing and conduct compliance pattern (High): Enforcement actions across 2013 DFS consent order, 2018 DFS fine, 2023 ASIC claims handling findings, and January 2026 SIRA civil penalty (citing four prior regulatory notices and a letter of censure) indicate systemic compliance gaps across retail and small-commercial distribution channels in multiple jurisdictions.
• COVID-19 business interruption class action — reserved decision (High): Federal Court appeal heard August 2025 with decision reserved; adverse ruling could reintroduce material contingent liability for QBE’s Australian operations.
• Silica and long-tail bodily injury exposure (High): Declaratory judgment action filed July 2025 by QBE subsidiaries to bar coverage for over 40 silica dust bodily injury claims; reserve adequacy relative to emerging engineered stone exposure across remaining casualty portfolios remains unverified.
• CFO transition and governance concentration (Moderate): New CFO appointed January 2026, new Board Chair effective May 2026, three non-executive director departures in 12 months, and a board reduced to nine members — simultaneous with active ASIC proceedings and ongoing transformation execution.

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1) Overview of the Company

QBE Insurance Group Limited is an international insurer and reinsurer headquartered in Sydney, New South Wales, Australia. Founded in 1886 in Townsville, Queensland, the company was incorporated as an Australian public company limited by shares on 24 November 1970 and is listed on the Australian Securities Exchange (ASX). QBE’s fiscal year ends on 31 December, and the company is regulated by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). PricewaterhouseCoopers (PwC) serves as the company’s appointed external auditor.

The company’s stated purpose is “Enabling a more resilient future,” and its vision is “to be the most consistent and innovative risk partner.” QBE’s business model is organized across three operating divisions: North America, Australia Pacific, and International. The North America division encompasses crop, specialty, and commercial segments, including an approximately $4 billion crop insurance business operated through NAU Country Insurance Company. The International division comprises the Lloyd’s franchise, UK and European commercial operations, Asian business across Hong Kong, Singapore, Malaysia, and Vietnam, and QBE Re. The Australia Pacific division provides commercial, specialty, credit, and personal products across Australia, New Zealand, and Pacific markets.

QBE’s product portfolio spans property, motor, crop, public and product liability, professional indemnity, workers’ compensation, energy, marine, aviation, and cyber insurance. Notable branded offerings include QCyberProtect, a comprehensive cyber policy providing primary and excess capacity up to $10 million, and Premiums4Good, an impact investment initiative launched in 2016 that allocates a portion of customer premiums to environmental and social investments — reaching USD $2.4 billion across 154 securities as of 31 December 2025. The company also operates QBE Ventures, a venture investment arm focused on Resilience, Data and AI opportunities, deploying average check sizes of $2 million to $5 million in early-to-mid-stage technology companies.

As of 31 December 2025, QBE reported gross written premium of $23,959 million (a 7% increase from 2024), net insurance revenue of $18,412 million, statutory net profit after tax of $2,157 million, and total funds under management of approximately $35.9 billion. The company maintains a presence in 26 countries and employs approximately 13,000–13,500 people. QBE holds an AA- financial strength credit rating from both S&P (upgraded 23 May 2025) and Fitch (upgraded 19 June 2025). Per company disclosures, QBE holds long-established market positions in SME-through-middle-market commercial property and casualty segments in Australia and the UK, as well as in North American crop insurance and Australian lenders mortgage insurance. The company’s six strategic priorities are portfolio optimisation, sustainable growth, bringing the enterprise together, pace and efficiency, people, and customer.

QBE is a signatory to the United Nations Global Compact, the Principles for Sustainable Insurance, and the Principles for Responsible Investment. The company’s strategy incorporates modernisation through cloud-based platforms, automation, and partner API integrations that enable third parties to embed insurance solutions directly into their digital environments.

Regarding recent C-suite transitions: Chris Killourhy was appointed Group Chief Financial Officer in January 2026, succeeding Inder Singh, who subsequently joined National Australia Bank as Group CFO in March 2026. Ian Fantozzi joined as Group Executive, Technology and Operations in January 2025, replacing Matt Mansour. In February 2026, QBE entered into an agreement to divest its Global Trade Credit and Surety business to Swiss Re Corporate Solutions, reflecting ongoing portfolio optimisation.

2) History

QBE traces its origins to October 1886, when James Burns and Robert Philp established The North Queensland Insurance Company Limited in Townsville, Queensland, principally to underwrite marine risks associated with the transportation and storage of freight. From its earliest years, the company expanded its geographic footprint to marine shipping destinations including London, Hong Kong, and Singapore — establishing a presence that would later underpin its international franchise.

The company’s modern corporate form emerged from a 1973 three-way merger of The North Queensland Insurance Company Limited, Bankers’ and Traders’ Insurance Company, and The Equitable Probate and General Insurance Company, which created QBE Insurance Group Limited. The merged entity was listed on the Australian Securities Exchange that same year as the largest listing of 1973, with a market capitalisation of $41.5 million. The company was incorporated as an Australian public company on 24 November 1970, with prior state registration in the Australian Capital Territory under the name Q.B.T. Holdings Ltd.

From 1981 onwards, QBE pursued a sustained acquisition-led growth strategy. Key transactions included the 1992 acquisition of Australian Eagle Insurance Company Limited and several small overseas portfolios; a 1999 commencement of the QBE Mercantile Mutual joint venture with ING in Australia; and 2001 purchases of the Australian, New Zealand, and Argentine portfolios from the collapsed HIH Insurance, as well as the Argentine general insurer La Buenos Aires from Banco HSBC. The full buyout of ING’s 50% stake in QBE Mercantile Mutual followed in 2004. In 2007, QBE executed multiple North American acquisitions simultaneously, acquiring Praetorian Financial Group, General Casualty companies, and Unigard Insurance companies, while also expanding into Mexico. The 2008 acquisition of PMI Australia — subsequently renamed QBE Lenders’ Mortgage Insurance — added a lenders mortgage insurance platform across Australia and New Zealand. In 2009, QBE acquired 100% of Elders Insurance Limited and 75% of Elders Insurance Agency, completing that transaction in October 2009, with the remaining 25% of the agency acquired in 2014. North American expansion continued with the 2010 acquisition of NAU Country Insurance Company, establishing QBE’s crop insurance platform, followed by the 2011 purchase of the U.S. admitted insurance businesses of Renaissance Re and the Australian operations of CUNA Mutual Group.

An internal fraud scheme ran from January 2012 through approximately two years, in which a former QBE vice president and an outside consultant defrauded QBE of approximately US$2.6 million via phony invoices and forged signatures; criminal proceedings were filed in Manhattan federal court in June 2015.

In December 2012, QBE announced its ‘ONE QBE’ multi-year strategic transformation program, and John Neal was appointed Group Chief Executive Officer in August 2012. However, December 2013 brought a significant earnings revision driven by adverse prior-year claims development in North American Operations, producing a statutory net loss after tax of $254 million for 2013 and prompting negative credit rating outlooks. In response, QBE established a Group Shared Services Centre in Manila in 2013, growing to over 1,000 staff by year-end, and appointed David Duclos as CEO of North American Operations in April 2013.

The 2017 fiscal year marked another material setback, as unprecedented catastrophe losses produced an underwriting loss of $573 million and a statutory net loss of $1,249 million. That year, QBE impaired North American goodwill, wrote down its North American deferred tax asset, and announced the sale of its Latin American Operations — ultimately completing the disposal of those operations and also exiting Indonesia, the Philippines, and Thailand in 2018. QBE also announced its intention to exit personal lines in North America in early 2018. Pat Regan was appointed as Group Chief Executive Officer in late 2017 to lead the remediation program.

In 2019, QBE restructured from five operating segments into three — North America, International, and Australia Pacific — and established a Group chief underwriting office in January 2019 to enhance underwriting governance. The company completed the Latin American disposal during 2019. In response to COVID-19, QBE withdrew its 2020 financial targets in March 2020 and de-risked its investment portfolio by exiting listed equities, high-yield, and emerging market debt in April 2020.

Andrew Horton was appointed Group Chief Executive Officer in 2021. That year, QBE became the first Australian listed insurer to join the UN-convened Net-Zero Insurance Alliance in January 2022. In March 2022, QBE divested its wholly owned North American agency Westwood Insurance Agency to Baldwin Risk Partners for $375 million, completing the transaction on 29 April 2022. In February 2023, QBE announced a transformational reserve transaction to de-risk approximately $1.9 billion of long-tail reserves, completed in the first half of 2023. A second major reserve transaction followed in October 2024 — a $1.6 billion loss portfolio transfer to de-risk reserves for exited North American non-core lines — alongside the commencement of the orderly closure of the North American middle-market business.

On the product side, QBE launched its Premiums4Good impact investment initiative in 2016, and introduced its Cyber Underwriting AI Assistant for North American underwriters in late 2023, extending the tool to European underwriters in April 2024. The global cyber insurance product QCyberProtect was launched in July 2024. QBE Australia Pacific migrated its Guidewire platform to the cloud, announced in February 2025, while QBE Re closed its inaugural $250 million catastrophe bond in January 2025 and launched its inaugural casualty sidecar in early 2025.

In October 2024, ASIC initiated court proceedings against QBE alleging the company had misled more than 500,000 customers regarding pricing discounts over a five-year period. In February 2026, QBE entered into an agreement to divest its Global Trade Credit and Surety business to Swiss Re Corporate Solutions, continuing its portfolio optimisation strategy. Mike Wilkins AO, who had served as independent Board Chair since March 2020, was succeeded by Yasmin Allen AM effective 8 May 2026.

3) Key Executives

Andrew Horton serves as Group Chief Executive Officer of QBE Insurance Group Limited, appointed in September 2021, succeeding Richard Pryce who served in an interim capacity. He joined QBE from Beazley Group, where he served as CEO, and previously held senior finance roles at ING, NatWest, and Lloyds Bank over a career spanning more than 30 years across insurance and banking. Horton holds a BA in Natural Sciences and is a Chartered Accountant (ACA).

Chris Killourhy was appointed Group Chief Financial Officer in January 2026, succeeding Inder Singh. Killourhy’s appointment reflects QBE’s ongoing C-suite transition as the group executes its portfolio optimisation and sustainable growth strategy.

Sue Houghton serves as Chief Executive Officer of QBE Australia Pacific, the group’s domestic operating division. She previously served as Managing Director of Insurance for The Westpac Group and has held senior leadership roles at Wesfarmers Insurance, Insurance Australia Group, and Arthur J Gallagher. Houghton is a Director and past President of the Insurance Council of Australia and a member of the Champions of Change Coalition.

Ian Fantozzi joined as Group Executive, Technology and Operations in January 2025, replacing Matt Mansour in the role. His appointment is part of QBE’s broader technology modernisation agenda, which includes cloud migration of core platforms and automation initiatives across the group’s operating divisions.

Julie Wood serves as Chief Executive Officer of QBE North America, appointed in September 2023 after joining the group in January 2023 as Group Head of Distribution. Prior to QBE, she served as Managing Director at Marsh and held senior roles at Zurich Insurance, including Executive Vice President of Global Relationship Management. Wood was recognised as Business Insurance’s Women to Watch in 2020 and as an Iconic Leader in 2025.

Chris Esson serves as Chief Financial Officer of QBE Australia Pacific, having joined QBE in 2020. He previously served as Group Investor Relations Director at Aviva plc and spent 15 years as an equity analyst covering the insurance sector at Macquarie Bank and Credit Suisse, beginning his career at KPMG. Esson is a Chartered Accountant.

Michael Foley serves as Chief Underwriting Officer of QBE North America, bringing over 30 years of insurance industry experience. He previously served as Senior Vice President and Chief Underwriting Officer – Casualty at Berkshire Hathaway Specialty Insurance, and has held senior underwriting positions at AIG, Lexington Insurance, and The Hartford.

Todd Greeley serves as Chief Claims Officer of QBE North America. He previously served as Senior Vice President at Berkshire Hathaway Specialty Insurance and as Assistant District Attorney in Manhattan, and has practised commercial litigation in private practice. Greeley also led CNA Pro Claim at CNA Financial Corporation. He holds a Bachelor’s degree from the University of Arizona and a Juris Doctor from Georgetown University Law Center, and was named a Risk & Insurance 2026 Executive to Watch.

David Mulligan serves as Chief Operating Officer of QBE North America, having joined QBE in 2013 as Vice President, IT Strategy and Transformation and subsequently serving as Senior Vice President, Business Transformation before assuming his current role. He holds an MBA from the University of Notre Dame and a Bachelor of Science in Industrial Engineering from the University of Wisconsin-Madison, and previously held roles at Anthem, CUNA Mutual Group, Accenture, and Deloitte Consulting.

Rachel Pollack serves as Chief People Officer of QBE North America, responsible for leading the development and implementation of the North America People strategy. She joined QBE in 2008 and has held roles across the Group HQ, Australia Pacific, and North America divisions, including Vice President, Head of HR Change, North America from 2014 to 2015. Pollack holds an MBA from the University of Technology Sydney and a Bachelor of Science from Macquarie University, and previously held roles at George Weston Foods, Commonwealth Bank, and Intel Corporation.

4) Ownership

QBE Insurance Group Limited is a publicly listed company incorporated under Australian law, trading on the Australian Securities Exchange (ASX) under the ticker symbol QBE. The company’s constitution limits the maximum board size to 12 directors. As of May 2026, the company reports a free-float of approximately 99.96%, indicating no single controlling shareholder or parent entity; QBE Insurance Group Limited is itself the ultimate parent entity of the QBE group.

The institutional shareholder base is broadly diversified. Per third-party data as of May 2026, which has not been independently verified through primary disclosure, the largest identified shareholders include AustralianSuper Pty Ltd (approximately 9.46%), BlackRock, Inc. (approximately 8.34%), State Street Global Advisors, Inc. (approximately 8.25%), and The Vanguard Group, Inc. (approximately 7.16%). Additional disclosed positions include Macquarie Capital Investment Management LLC (approximately 2.16%), Dimensional Fund Advisors LP (approximately 1.9%), Colonial First State Investments Limited (approximately 1.46%), Norges Bank Investment Management (approximately 1.22%), Geode Capital Management, LLC (approximately 1.17%), and JP Morgan Asset Management (approximately 1.11%). No single shareholder holds a controlling interest, and per third-party data, the ownership composition as of May 2026 comprised approximately 35.70% mutual funds and ETFs, 20.96% other institutional investors, and 43.34% public companies and retail investors.

In April 2020, QBE undertook a capital raising comprising an institutional placement and a Share Purchase Plan alongside the issuance of Additional Tier 1 capital, with Goldman Sachs and JPMorgan serving as joint lead managers.

As of 31 December 2025, the QBE Group Board comprised nine directors: one independent Chair, seven other independent non-executive directors, and the Group Chief Executive Officer. The board structure reflects two recent departures: Peter Wilson stepped down effective 31 December 2025, and Rolf Tolle retired at the conclusion of the Annual General Meeting on 9 May 2025. Additionally, Kathy Lisson stepped down at the conclusion of the AGM on 8 May 2026. A further transition occurred at the Chair level: Mike Wilkins AO, who served as independent Chair since March 2020, was succeeded by Yasmin Allen AM effective 8 May 2026.

The board’s four standing committees are the Audit Committee, the Risk & Capital Committee, the People & Remuneration Committee, and the Governance & Nomination Committee. Each committee comprises at least three independent non-executive directors.

The Audit Committee is chaired by Steve Ferguson (non-executive director since November 2023), with Neil Maidment and Yasmin Allen AM serving as members. The Risk & Capital Committee is chaired by Neil Maidment (appointed February 2025), with Steve Ferguson, Penny James, and Mike Wilkins AO serving as members. The People & Remuneration Committee is chaired by Tan Le (non-executive director since September 2020), with Yasmin Allen AM, Penny James, and Kathy Lisson (Deputy Chair, until 8 May 2026) as members. The Governance & Nomination Committee is chaired by the Board Chair and must comprise at least three independent directors; prior to the chair transition, Mike Wilkins AO chaired this committee, with Tan Le and Penny James as members. The board gender diversity target of 40% women was met, with 44.4% female representation recorded as of 31 December 2024.

5) Financial Position

QBE Insurance Group Limited trades on the Australian Securities Exchange under the ticker QBE and also as an ADR on OTC Markets under the symbol QBIEY. As of 7 May 2026, the stock closed at A$22.65, within a 52-week range of A$18.57 to A$24.20, with a market capitalisation of approximately A$33.7 billion. The one-year share price appreciation was approximately 3.76%, and total shareholder return for full-year 2024 reached 38.7% (up from 14.8% in 2023), reflecting strong earnings progression over the period.

Profitability trends over 2022–2025 demonstrate consistent improvement across key metrics. The combined operating ratio (COR) — the primary profitability measure for general insurers — improved from 95.2% in 2023 to 93.1% in 2024 and further to 91.9% in FY2025, marking three consecutive years of gains. The statutory net claims ratio declined from 63.2% in 2024 to 55.8% in FY2025, driven partly by catastrophe experience well below the allowance: net catastrophe claims in FY2025 totalled $751 million (4.1% of net insurance revenue) against an allowance of $1,160 million. The management expense ratio was 12.4% in FY2025, marginally above 12.2% in 2024 and 11.8% in 2023. Adjusted return on equity improved from 15.8% in 2023 to 18.2% in 2024 and 19.8% in FY2025, with statutory ROE for the trailing twelve months ending December 2025 at approximately 19.3%. Return on assets, per third-party data as of May 2026, was approximately 4.6%. The insurance profit margin rose from 9.7% in 2023 to 12.0% in 2024.

On the balance sheet, total assets stood at USD 48,535 million and total shareholder equity at USD 11,673 million as of 31 December 2025, up from USD 10,731 million at end-2024. Total borrowings increased to USD 3,700 million from USD 2,664 million in 2024, reflecting new debt issuances including AUD 600 million Subordinated Tier 2 Notes (rated BBB by Fitch, May 2025) and USD 300 million Subordinated Tier 2 Notes (rated BBB+ by Fitch, November 2025), partially offset by the repayment of two hybrid instruments totalling USD 900 million. The debt-to-total-capital ratio rose to 24.1% at end-2025 from 19.9% at end-2024 and 21.8% in 2023, though leverage remains within management’s stated comfort zone. The indicative APRA Prescribed Capital Amount (PCA) multiple was 1.87x as of 31 December 2025 (versus 1.86x in 2024 and 1.82x in 2023), signalling a robust regulatory capital position. The current ratio per third-party data was 8.48 as of December 2025, and the interest coverage ratio was approximately 12x, consistent with the fixed-charge coverage of 12x reported for 2024. The company holds an A Issuer Credit Rating from both S&P (effective 23 May 2025) and Fitch (effective 18 June 2025), with core operating entities rated AA- for Financial Strength by both agencies, and A (Excellent) from AM Best.

Cash flow generation strengthened materially in FY2025. Operating cash flow reached AUD 4.22 billion for the trailing twelve months to December 2025, representing a significant increase from AUD 2.58 billion in 2024 and AUD 1.50 billion in 2023. Capital expenditures were approximately USD 22 million in FY2025, down from USD 27 million in 2024. Levered free cash flow was approximately AUD 3.67 billion for FY2025, producing a free cash flow yield of approximately 13.6%, compared to 8.4% in 2024 and 6.1% in 2023. Investment income of $1,633 million in FY2025 (4.9% net return) contributed meaningfully to total earnings, with the portfolio’s core fixed-income exit yield at 4.3% as of December 2024.

Management’s capital deployment priorities are clearly delineated. Shareholder returns accelerated in FY2025: the full-year dividend was raised to 109 Australian cents per share (from 87 cents in 2024 and 62 cents in 2023), representing a dividend yield of approximately 4.8% as of May 2026, and an on-market buyback of A$450 million was announced in November 2025 to be completed over 2026. In FY2025, the company paid the equivalent of approximately USD 807 million in dividends and repurchased approximately USD 1,096 million of common stock. Organic investment priorities include technology modernisation, cloud migration, and automation, while the planned divestiture of the Global Trade Credit and Surety business to Swiss Re Corporate Solutions (announced February 2026) reflects continued portfolio optimisation.

For 2026, management guidance targets mid-single-digit gross written premium growth and a COR of approximately 92.5%. The medium-term ROE target of 15%+ (assuming investment returns of 3%+ and a tax rate of approximately 25%) implies a degree of conservatism relative to the 19.8% achieved in FY2025. Key business risks identified in company filings include geopolitical tension, execution of the transformation agenda, generative AI risk, climate change, and macroeconomic uncertainty, with APRA issuing an industry-wide advisory on AI-related risks in April 2026. Analyst commentary from Jefferies in November 2025 flagged softening insurance pricing cycles and slowing premium rate growth — average renewal premium rate increases moderated to 1.0% in FY2025 from 5.5% in 2024 and 9.7% in 2023 — as a sector-level headwind.

6) Market Position

QBE ranks in the top 20 global insurers and reinsurers per company disclosures, placing it within the S&P/ASX 50 index by capitalisation. Per the Financial Times markets database, identified sector peers include Insurance Australia Group (IAG) and Suncorp Group in the Australian domestic market, and Tokio Marine Holdings, MS&AD Insurance Group Holdings, SOMPO Holdings, and PICC Property and Casualty at the broader Asia-Pacific and global level. Per industry databases, comparable international commercial lines and specialty insurers operating in overlapping segments include Zurich Insurance Group, RSA Insurance, Allianz, AIG, and Lloyd’s-franchise peers such as Beazley and Hiscox. QBE differentiates itself from purely domestic Australian peers through its three-division structure spanning North America, International (including Lloyd’s), and Australia Pacific — a geographic breadth that most domestic competitors cannot replicate at equivalent scale.

Per company disclosures, QBE holds long-established market positions in SME-through-middle-market commercial property and casualty in Australia and the UK, in North American crop insurance (operated through NAU Country Insurance Company), and in Australian lenders mortgage insurance. These positions represent structural advantages reinforced by licensing breadth: NAU Country Insurance Company is licensed in the majority of U.S. jurisdictions, and multiple QBE U.S. subsidiaries hold broad-based state admissions, constituting a meaningful regulatory barrier to entry for new crop and specialty lines competitors. QBE Reinsurance Corporation additionally holds accreditation as a reinsurer across 19 U.S. states as of November 2020. The group’s presence in Singapore dates to 1891, making QBE Insurance (Singapore) Pte Ltd the oldest registered Australian company in the Republic of Singapore — a tenure that contributes to brand credibility in a competitive Asian commercial insurance market.

Customer retention indicators as of Q1 2025 show a Group retention rate of 82%, with the International division at 88%, Australia Pacific at 80%, and North America at 69%. The lower North American rate reflects the deliberate run-off of non-core lines (generating an approximately $100 million GWP drag in Q1 2025) rather than competitive displacement, as the group continues to exit middle-market and non-core exposures. Average renewal premium rate increases of 3.4% in Q1 2025 — up from the 1.0% average recorded across full-year 2025 — suggest modest pricing firming entering 2026. Employee engagement stood at 66% in 2025, which per company disclosures exceeds the financial services industry benchmark of 48%, a workforce quality indicator with implications for retention and service delivery.

On the technology infrastructure front, QBE completed the migration of its Guidewire platform to cloud in Australia Pacific during 2025 and launched a cloud-based data, analytics, machine learning, and AI ecosystem in Australia Pacific in 2024. The Global Technology team is organised into three units — Technology Services, Group Data Office, and Enterprise Security Services — with the Group Data Office setting enterprise-wide analytics strategy and the Enterprise Security Services unit managing cyber and information security. The Cyber Underwriting AI Assistant, first deployed in December 2023 for North American underwriters, delivered a 65% reduction in broker submission review time per company disclosures, and has since been extended to European underwriters (April 2024) and Workers’ Compensation underwriters in Hong Kong and Singapore (June 2024). In October 2024, QBE Ventures made a strategic investment in Lazarus AI, a deep-tech firm specialising in foundation model architecture and computer vision for regulated industries, consistent with the group’s focus on verticalized AI and Small Language Models for insurance-specific tasks.

Strategic cyber partnerships with CYGNVS, illuminr, and Converge enhance incident prediction, prevention, and response capabilities linked to the QCyberProtect product. In April 2026, QBE and Beazley were reported to be among insurers proposing sub-limits on cyber payouts related to AI and large language model exploits — a market-shaping posture that reflects the group’s active role in defining product boundaries in the emerging cyber segment. The group’s Multinational Client Centres in Chelmsford, Sydney, and Miami support global programme delivery across a network extending to over 170 countries through fronting and network arrangements.

From a human capital standpoint, 41.9% women in leadership (GEC and levels 1–3) was achieved in 2025, exceeding the 40% target, and QBE secured fourth place globally in Equileap’s 2025 Developed Markets Women’s Equality in the Workplace Top 100 Ranking. The company was awarded ‘Large General Insurance Company of the Year’ at the 2025 ANZIIF Australian Insurance Industry Awards, and has maintained Platinum Employer status with the Australian Workplace Equality Index for LGBTQI+ inclusion from 2023 through 2025. In 2025, QBE launched ‘Career Hub’, an AI-powered internal platform for skill development, and an ‘AI Learning Lab’ to build generative AI capabilities across the workforce — investments intended to sustain technical talent in a competitive hiring environment.

7) Legal Claims and Actions

QBE Insurance Group Limited and its subsidiaries carry a material enforcement and litigation history across multiple jurisdictions over the past decade, reflecting both the scale of the group’s global operations and recurring compliance challenges in pricing conduct and claims handling.

The most significant current regulatory matter is the ASIC proceeding against QBE Insurance (Australia) Limited, initiated on 23 October 2024. ASIC alleges that QBE misled more than 500,000 customers regarding premium discounts on general insurance products between July 2017 and September 2022, with the pricing model allegedly eroding advertised discounts through minimum premiums and algorithmic adjustments. QBE self-reported the failures in October 2022. ASIC is seeking civil penalties, declarations, and adverse publicity orders. A Statement of Agreed Facts was filed on 24 March 2026, and a case management hearing is scheduled for 9 June 2026. The matter remains ongoing with no penalty determination made as of the report date.

An earlier pricing-related enforcement action was resolved in April 2013, when QBE reached a consent order with the New York Department of Financial Services (DFS) regarding forced-placed insurance practices. The DFS found that QBE paid commissions to affiliated brokers for little substantive work while pushing higher costs onto borrowers. The matter was resolved via a consent order requiring $10 million in civil penalties, restitution to affected borrowers, and reform of business practices. In March 2018, the DFS separately fined QBE’s U.S. arm $750,000 for the sale of accident-only insurance policies to college students after the practice was prohibited in 2014.

A shareholder class action filed in the Federal Court of Australia in September 2015 — brought by Money Max Int Pty Ltd as lead plaintiff — alleged that QBE failed to be timely and frank in disclosing the North American operations issues that precipitated the December 2013 earnings downgrade. The matter was settled in December 2017 for A$132.5 million (including interest and costs), with no admission of liability by QBE.

On the employment side, a QBE division and a staffing agency settled a Fair Labor Standards Act collective action brought by call center workers in January 2018 for up to $1.29 million, resolving allegations that thousands of workers were denied proper overtime pay. In January 2018, Unigard Insurance Company (a QBE subsidiary) settled a commercial policyholder action in the Eastern District of Washington involving allegations of breach of contract, insurance bad faith, and violations of the Washington Consumer Protection Act and Insurance Fair Conduct Act.

In September 2020, former Group Chief Executive Officer Patrick Regan exited QBE following an internal investigation that found he exercised poor judgement and fell short of the company’s ethics and conduct standards regarding a respectful and inclusive workplace environment. This departure preceded Andrew Horton’s appointment in 2021. The internal fraud scheme involving former executive vice president James Shea — who was sentenced to 18 months in prison in March 2016, ordered to forfeit $1.81 million, and to pay $2.65 million in restitution jointly with co-defendant consultant Eugene Fallon (sentenced to 3 months in April 2016) — ran from January 2012 through approximately 2014 via phony invoices and forged signatures.

Among active litigation matters, QBE subsidiaries Regent Insurance Co., Stonington Insurance Co., and QBE Insurance Corp. filed a declaratory judgment action in July 2025 against Stone Source LLC and others, seeking a ruling that coverage is barred for over 40 bodily injury claims arising from silica dust exposure. Separately, related coverage disputes filed by Regent Insurance Co. and General Casualty Co. of Wisconsin against Home Depot and Costco Wholesale Corp. regarding artificial stone product litigation were voluntarily dismissed in late 2025, following those retailers’ withdrawal of coverage demands.

In the UK, a Scottish Court of Session ruling in February 2024 (upheld on appeal in October 2024) determined that a decree by default was sufficient to establish liability of an insolvent insured (D Skene Plant Hire Limited) under the Third Parties (Rights against Insurers) Act 2010, clearing the way for Scotland Gas Networks PLC to pursue a £3 million claim against QBE UK Limited. The underlying question of whether the loss falls within the policy remains to be determined at a full trial.

The COVID-19 business interruption class action filed in the Federal Court of Australia (NSD638/2021) by Strand Fitness Pty Ltd and others against QBE Insurance (Australia) Limited remains procedurally active. Following a decision to “declass” the matter, an appeal was heard in August 2025, with the Federal Court having reserved its decision as of the report date. QBE UK Limited also participated in the FCA High Court test case on business interruption insurance initiated in June 2020, which concluded with a Supreme Court judgment on 15 January 2021 broadly ruling in favour of policyholders on disputed wordings.

ASIC’s August 2023 report on home insurance claims handling identified QBE Insurance (Australia) Limited as one of six insurers with areas requiring improvement, specifically in consumer communications, third-party project management, complaints handling, identification of vulnerable consumers, and claims resourcing — no penalties were levied, and ASIC indicated ongoing monitoring.

In January 2026, the NSW State Insurance Regulatory Authority issued a $32,600 civil penalty to QBE for delays in CTP payments, citing QBE’s prior regulatory history — four regulatory notices, a letter of censure, and a period of special licence conditions.

Cumulative financial penalties over the 10-year period from 2015 through 2025 total approximately A$132.5 million (shareholder settlement), $10 million (2013 DFS forced-placed consent order), $750,000 (2018 DFS fine), and $1.29 million (2018 FLSA settlement), exclusive of the unresolved ASIC civil penalty proceeding. The pattern across these matters reflects recurring conduct-related and pricing compliance themes — particularly in Australian and U.S. retail and small-commercial distribution channels — as well as litigation that is typical of a large global commercial insurer managing coverage disputes across diverse lines. No bankruptcy filings, sanctions violations, trading violations, or criminal proceedings involving current executives have been identified.

8) Recent Media Coverage

The most consequential recent media narrative surrounds QBE’s ongoing regulatory exposure in Australia. The ASIC lawsuit announced in October 2024 — alleging that the company misled over 500,000 customers regarding pricing discounts on home, contents, and car insurance — generated negative coverage across financial press, business media, and insurance industry trade publications. Reuters and Australian financial outlets framed QBE’s self-reporting of the pricing failures as a partial mitigant, but the dominant media narrative emphasised the scale of the alleged customer harm and the regulator’s decision to pursue litigation despite voluntary disclosure. The stock declined modestly on the day of the announcement, reflecting a contained but measurable market reaction. Coverage has remained episodic rather than sustained, with trade publications providing follow-up around procedural milestones, including the March 2026 Statement of Agreed Facts filing.

A separate, smaller regulatory penalty in January 2026 attracted negative coverage in Australian insurance trade publications. The NSW SIRA civil penalty for delays in CTP payments was characterised in these outlets as evidence of systemic non-compliance, with media drawing on SIRA’s own citation of QBE’s prior regulatory history to reinforce a pattern-of-conduct framing. While the monetary amount is immaterial, the coverage tone was critical and appeared alongside the broader ASIC narrative in a manner that amplified reputational concerns.

On the ESG front, QBE attracted sustained activist investor and media pressure throughout 2025 and into 2026. Guardian Australia and ESG/sustainability publications covered Australian Ethical Investment’s 2025 AGM campaign against QBE’s fossil fuel underwriting policies, characterising the company’s position as lagging global insurance peers. The campaign escalated in early 2026 when Australian Ethical, joined by approximately 100 co-filers, requisitioned climate-related resolutions for the 2026 AGM. Bloomberg’s May 2026 reporting framed this as heightened institutional shareholder pressure on climate risk disclosure and modelling — coverage that simultaneously highlighted a perceived governance conflict regarding incoming Board Chair Yasmin Allen’s prior board seat at Santos. ESG-focused publications and mainstream financial press characterised QBE’s fossil fuel underwriting policies as inconsistent with the ambition shown by peer insurers including AXA, Munich Re, and Swiss Re, a comparative framing that amplified reputational risk in sustainability-oriented investment communities.

Climate activist coverage also emerged in October 2024, when student activists staged a protest outside QBE Underwriting’s London offices as part of Extinction Rebellion’s ‘Insure Our Survival’ campaign. Trade press covered this as part of broader sector-wide activist pressure rather than QBE-specific controversy, limiting its standalone reputational impact.

In contrast, the February 2026 announcement of the Global Trade Credit and Surety divestiture to Swiss Re Corporate Solutions received notably positive coverage. Financial and insurance trade press reported an 8% single-day share price increase, framing the transaction as a confirmation of portfolio optimisation discipline and management credibility. Reinsurance industry publications similarly covered the June 2024 announcement of the North American middle-market closure and the associated reserve transactions with a strategically constructive tone, characterising these as decisive de-risking steps, though noting the restructuring charge and prior performance challenges in the unit.

A March 2026 internal fraud prosecution — in which a former QBE workers’ compensation manager was sentenced in Western Australia for submitting false claims totalling approximately $333,000 — was covered briefly by Australian insurance trade press. QBE’s confirmation that no customer impacts were identified contained any reputational damage, and the coverage was characterised as routine incident reporting rather than systemic concern.

9) Strengths

Extended Operating History and Geographic Breadth

Founded in 1886, QBE’s 139-year operating history provides institutional permanence that few insurance competitors can match at a global scale. The group’s Singapore presence dates to 1891, conferring brand credibility in competitive Asian markets built over generations rather than marketing campaigns. Operations spanning 26 countries across three structured divisions create a geographic diversification that domestic-only Australian peers cannot replicate at equivalent scale.

Entrenched Market Positions in Structurally Defensible Segments

QBE holds long-established positions in North American crop insurance, Australian lenders mortgage insurance, and SME-through-middle-market commercial property and casualty in Australia and the UK. The crop insurance platform benefits from NAU Country Insurance Company’s licensing across the majority of U.S. jurisdictions — a regulatory barrier that substantially increases the cost and time required for new entrants to compete at scale. QBE Reinsurance Corporation’s accreditation across 19 U.S. states further reinforces this licensed-access advantage.

Consistently Improving Underwriting Profitability

Three consecutive years of COR improvement, rising adjusted ROE, and accelerating operating cash flow demonstrate that the group’s underwriting discipline gains are structural rather than cyclical, providing a credible foundation for management’s 2026 guidance targets. This multi-year trajectory also validates the portfolio optimisation strategy — exiting non-core and underperforming lines while concentrating capacity in segments where QBE holds defensible positions.

Dual AA- Financial Strength Ratings

Core operating entities carry AA- Financial Strength Ratings from both S&P and Fitch, supplemented by an A (Excellent) rating from AM Best. These ratings signal to counterparties, cedants, and corporate insurance buyers that QBE’s claims-paying capacity meets high-grade standards — a purchasing criterion that narrows the competitive set for large corporate and multinational programme business where counterparty quality is non-negotiable.

Publicly Traded Status and Enhanced Oversight Standards

As a publicly listed company on the Australian Securities Exchange, regulated by both ASIC and APRA, QBE is subject to continuous disclosure obligations, independent external audit, board committee oversight, and regular regulatory capital reporting. This multi-layered oversight architecture provides institutional investors and counterparties with a degree of transparency and accountability unavailable from private market competitors, supporting capital market access demonstrated by the group’s ability to execute large-scale debt issuances and equity raises with major investment bank partners.

Demonstrated Reserve De-risking Capability

QBE’s ability to structure, price, and complete two large-scale reserve transactions — totalling approximately $3.5 billion across 2023 and 2024 — with reinsurance counterparties reflects actuarial depth and balance sheet discipline that strengthens investor confidence and reduces earnings volatility from legacy exposures. This capability compounds the group’s underwriting improvements and signals counterparty confidence in QBE’s reserve assessment rigour.

Technology Infrastructure with Measurable Productivity Impact

The Cyber Underwriting AI Assistant delivered a verifiable 65% reduction in broker submission review time — a concrete operational return tied to a specific deployed tool. Combined with cloud migration of core platforms, an AI-powered workforce development infrastructure, and venture investment in applied AI for regulated industries, QBE’s technology agenda demonstrates both near-term operational returns and medium-term underwriting capability building.

Multinational Programme Delivery Infrastructure

The group’s Multinational Client Centres and network extending to over 170 countries through fronting and network arrangements enable QBE to service large multinational corporate clients with coordinated cross-border coverage. This infrastructure requires years to assemble and is unavailable to smaller specialty or mono-line competitors, reinforcing QBE’s position in the multinational commercial segment where programme continuity and local licensing breadth are decisive purchasing criteria.

Workforce Engagement Above Industry Benchmark

An 18-percentage-point advantage over the financial services industry benchmark in employee engagement — at QBE’s scale of approximately 13,000–13,500 employees — translates into measurable differences in underwriting judgment quality, client relationship continuity, and claims handling outcomes. Combined with gender leadership targets exceeded and sustained diversity accreditations, QBE’s human capital profile supports talent retention in an insurance labour market characterised by specialist skill scarcity.

Impact Investment Programme Differentiating Customer Proposition

The Premiums4Good initiative, as an integrated product feature rather than a separately priced ESG overlay, creates a retention-relevant customer proposition that competitors cannot replicate without equivalent balance sheet commitment — particularly relevant for sustainability-oriented corporate and SME buyers in Australia and the UK where ESG procurement criteria are increasingly formalised.

10) Potential Risks and Areas for Further Due Diligence

ASIC Pricing Conduct Enforcement — Active Civil Penalty Proceeding

Severity: Critical. The active ASIC civil penalty proceeding against QBE Insurance (Australia) Limited represents the most material near-term legal and financial risk facing the group. The matter is progressing toward a penalty determination, with a Statement of Agreed Facts already filed and a case management hearing scheduled. No quantum has been set as of the report date. Given the scale of affected customers and the regulator’s stated intention to pursue litigation despite QBE’s voluntary disclosure, the ultimate penalty could be material relative to precedent Australian financial services enforcement outcomes. The matter is ongoing and unresolved.

Due diligence recommendation: Monitor Federal Court filings for penalty submissions; obtain legal counsel assessment of comparable ASIC civil penalty precedents; evaluate whether management’s internal pricing governance reforms since 2022 are independently verified.

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Recurring Pricing and Conduct Compliance Pattern

Severity: High. The enforcement pattern documented in the Legal Claims section — spanning the 2013 New York DFS forced-placed insurance consent order, the 2018 DFS fine, the ASIC claims handling findings in 2023, the January 2026 SIRA civil penalty, and the current ASIC pricing proceeding — reveals a recurrent conduct theme across retail and small-commercial distribution channels in both Australia and the United States. The SIRA penalty’s accompanying citation of four prior regulatory notices, a letter of censure, and a period of special licence conditions reinforces a pattern-of-conduct characterisation that extends beyond isolated incidents.

This recurring conduct risk suggests that corrective actions implemented following earlier enforcement actions did not fully prevent subsequent failures, raising questions about the adequacy of compliance infrastructure relative to the group’s distribution scale. The risk is ongoing given the live ASIC matter.

Due diligence recommendation: Request QBE’s internal compliance audit reports post-2022; assess whether the group has retained independent external compliance monitoring; examine the adequacy of pricing governance frameworks across all retail-facing subsidiaries.

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COVID-19 Business Interruption Litigation — Reserved Decision

Severity: High. The COVID-19 business interruption class action in the Federal Court of Australia remains procedurally active, with the court having reserved its decision following an appeal heard in August 2025. An adverse ruling reinstating the class action would reintroduce potentially significant contingent liability exposure for the group’s Australian operations, given the volume of small business policyholders affected by COVID-19 interruption claims. The UK FCA test case, resolved in January 2021 in favour of policyholders, provides a precedent reference point.

Due diligence recommendation: Track Federal Court judgment date; obtain actuarial estimate of aggregate exposure under alternative procedural outcomes; assess reserve adequacy disclosures in the FY2025 annual accounts relative to this contingency.

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Silica and Long-Tail Bodily Injury Litigation Exposure

Severity: High. Silica and engineered stone litigation is an accelerating liability category in both Australia and the United States, with judicial outcomes increasingly favouring claimants. While the group has completed two material long-tail reserve transactions, these addressed exited North American non-core lines — it is not clear whether current reserve estimates adequately capture the emerging silica/engineered stone exposure across remaining casualty portfolios. The declaratory judgment action filed in July 2025 by QBE subsidiaries seeking to bar coverage for over 40 silica dust bodily injury claims signals active management of this exposure, but also confirms the liability is present.

Due diligence recommendation: Request reserve adequacy analysis specific to silica and occupational disease liability across all active U.S. casualty subsidiaries; assess actuarial assumptions for bodily injury tail development; examine whether completed reserve transactions explicitly excluded engineered stone claims.

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ESG and Climate Underwriting Reputational and Governance Risk

Severity: High. A coordinated institutional shareholder campaign — with approximately 100 co-filers requisitioning climate-related resolutions for the 2026 AGM — combined with Bloomberg reporting on a potential governance conflict regarding the incoming Board Chair’s prior directorship at a fossil fuel producer, creates compounding reputational and governance risk. ESG-related reputational risk carries financial dimension: sustainability-oriented institutional investors representing material positions could engage more aggressively or reduce exposure, and underwriting restrictions by peers cited in media create a comparative benchmark that increases commercial pressure.

Due diligence recommendation: Review Yasmin Allen’s conflict-of-interest disclosures and recusal protocols; assess whether QBE’s published climate underwriting policy has been updated since the 2025 AGM campaign; evaluate the group’s Scope 3 insurance-associated emissions disclosure against TCFD requirements.

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CFO Transition and C-Suite Succession Concentration Risk

Severity: Moderate. Multiple senior leadership transitions in a concentrated timeframe — including CFO succession, new technology leadership, new North America CEO, and Board Chair transition — coincide with the departure of three non-executive directors between May 2025 and May 2026, reducing the board to nine members. The simultaneity of these changes creates an elevated risk of governance gaps during QBE’s active execution of its transformation agenda and portfolio optimisation strategy.

Due diligence recommendation: Confirm board recruitment pipeline for vacant NED positions; assess whether the new CFO has sufficient institutional context to manage the active ASIC proceeding and reserve transaction monitoring; review succession planning documentation for the Group CEO role.

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Legacy Internal Fraud Controls and Historical Governance Weakness

Severity: Moderate. The enforcement and conduct pattern documented in the Legal Claims section — including the internal fraud scheme running from 2012 to approximately 2014, the 2020 CEO exit following an internal investigation into workplace conduct, and the March 2026 prosecution of a workers’ compensation manager for submitting false claims — collectively reveals episodic internal control and governance failures across more than a decade. While each incident was ultimately detected and addressed, their recurrence across different geographies, business lines, and seniority levels warrants scrutiny of the effectiveness of the group’s internal controls framework.

Due diligence recommendation: Review PwC’s most recent management letter for internal control observations; request QBE’s Internal Audit plan and recent findings; assess whether the group’s whistleblower programme and ethics hotline metrics indicate underreporting relative to peer benchmarks.

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Debt Leverage Increase and Interest Rate Sensitivity

Severity: Moderate. Total borrowings increased by approximately USD 1 billion at 31 December 2025 relative to end-2024, with the debt-to-total-capital ratio rising 4.2 percentage points in one year. While the APRA PCA multiple remained stable and management characterises leverage as within its comfort zone, the combination of rising absolute debt levels, a softening premium rate environment, and an unresolved ASIC civil penalty exposure creates margin-for-error compression if underwriting conditions deteriorate.

Due diligence recommendation: Stress-test the debt-to-capital ratio under scenarios combining a 200-basis-point COR deterioration and a material ASIC penalty; confirm covenant terms on outstanding Tier 2 Notes; assess sensitivity of the investment portfolio’s exit yield to duration risk under rate movements.

Sources

1] [QBE Insurance Group Ltd: Homepage
2] [ASIC Media Release 24-234MR: ASIC Alleges QBE Misled Customers Over Pricing Discounts
3] [Reuters: Australia Takes Insurer QBE to Court Over Pricing Discounts
4] [Bloomberg – QBE Faces Investor Pressure Over Extreme Weather Risks (May 2026)
5] [Reuters — QBE Insurance Group Company Page
6] [QBE Balance Sheet — FY25 Fixed Income Supplement
7] [Fitch Ratings — QBE Insurance Group Limited
8] [Reuters: QBE Settles Shareholder Class Action
9] [Reuters: QBE Settles with NY on Forced-Placed Insurance
10] [Reuters: Ex-QBE Executive Gets 1.5 Years in US Prison for Embezzlement
11] [Reuters: QBE Insurance Group CEO to Exit After Investigation
12] [Net Zero Investor – Australian Ethical Flags Climate-Related Conflict of Interest Concerns at QBE Insurance (May 2026)
13] [The Guardian – Australian Ethical Super Fund QBE Fossil Fuel Projects (May 2025)
14] [BRP Group Completes Acquisition of Westwood Insurance Agency
15] [MarketScreener — QBE Trade Credit and Surety Divestiture
16] [Reuters — QBE Company Overview
17] [MarketScreener – QBE Insurance Group Shareholders
18] [Investing.com – QBE Insurance Group Ownership
19] [Yahoo Finance — QBE.AX Key Statistics
20] [Investing.com — QBE Cash Flow