In June 2024, after an extensive review, CEO Julie Wood at QBE North America introduced the large commercial insurer’s revised strategy—to focus on core customers and segments where the company has meaningful market position, relevance and scale.
"We were finding our way around our appetite and marketplace in the U.S.," Woods said. "Our new strategy shifts away from generalist, commodity-type business toward becoming a niche specialist."
The decision to strategically reposition QBE North America as a provider of niche insurance products to select commercial customers was a bold move. QBE North America, with $7.3 billion in gross written premium in 2024, is part of Australia’s QBE Insurance Group Limited, a global insurance leader with operations in 26 countries. The parent company’s strong global brand helped it gain a foothold in North America in the late-1990s and early aughts. In 2024, QBE North America’s middle market business segment, which brought in some $500 million in gross written premium, struggled with profitability, impelling a strategic reassessment and the insurer’s decision to close down the segment.
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