QBE Syndicate 2999 Annual Report and Accounts 2009

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QBE European Operations overview European Operations (EO) has produced another strong result despite challenging conditions in both underwriting and investment markets. Gross written premium (GWP) £million 09 08 Net earned premium (NEP) £million 09 08 09 08 Combined operating ratio (COR) £million 09 08 02 QBE Syndicate 2999 Annual report 2009 141 2,552 2,298 2,179 Net underwriting profit (NUP) £million 2,508 215 91.3 85.6 Average calendar year rates of exchange 2008 £1: AUS$2.181 2009 £1: AUS$1.996 Far left Frank O’Halloran Chief Executive Officer, QBE Insurance Group Left Steven Burns Chief Executive Officer, QBE European Operations GWP : £2,552m : +11% NEP : £2,508m : +15% NUP : £141m : –34% COR : 91.3%
Major events in 2009 • Growth achieved with financial performance maintained in challenging market conditions, notably via our distribution channels of UK National and Europe coupled with some small, bolt-on acquisitions. • QBE became the official insurance partner of both England RFU and the Guinness Premiership, the world’s most competitive domestic rugby union competition. These sponsorships will help drive an increase in brand awareness and enhance the growth potential of our distribution channels. European markets Lloyd’s security Ireland Casualty & energy Marine and Motor and Energy 2009 GWP £2.6 billion and Specialist London market Reinsurance Property QBE Company security • Leveraged Lloyd’s licences to start up new local offices in Dubai and Canada. • Embedded advanced risk management activities in readiness for Solvency II. • Planned and initiated a substantial, multi-year programme of change and rationalisation of our IT and operational landscape, designed to put us at the forefront of delivering a market leading service proposition to our brokers and clients. • Substantial investment in our in-house talent and leadership and OpenUp programmes. UK National EO’s product focused underwriting divisions allow it to leverage the breadth and depth of its capabilities in a coordinated and focused way. This means brokers and clients have access to: • A wider distribution network • All expertise in one place • A choice of Lloyd’s paper or company paper • The strength and size of QBE • The individuals who understand their business 03 QBE Syndicate 2999 Annual report 2009
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Page 7 and 8: 3. Empowers through a collaborative
Page 9 and 10: Business of the syndicate QBE Syndi
Page 11 and 12: QBE Marine and Energy Syndicate 103
Page 13 and 14: QBE Property Syndicate 2000 Busines
Page 15 and 16: Report of the directors of the mana
Page 17 and 18: During 2009 we installed a new Head
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Page 21 and 22: Statement of managing agent’s res
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Page 25 and 26: Profit and loss account: technical
Page 27 and 28: Balance sheet As at 31 December 200
Page 29 and 30: Statement of cash flows For the yea
Page 31 and 32: 1 Accounting policies continued b)
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Page 35 and 36: 4 Claims outstanding During the yea
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Page 39 and 40: 10 Financial risk continued i) Mark
Page 41 and 42: 12 Overseas deposits These are lodg
Page 43 and 44: 17 Related parties The managing age
Page 45 and 46: Net investment income Gross investm
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