QBE Syndicate 2999 Annual Report and Accounts 2009

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What makes QBE different? The QBE European Operations brand promise strives for excellence in five core areas. 04 QBE Syndicate 2999 Annual report 2009 1. Strong and growing market presence QBE is one of the world’s top 25 insurers and reinsurers and has been established in the UK since 1904. At QBE we understand the importance of security in the insurance decision making process and the strength of our ratings and financial backing gives us a real advantage in the market. QBE is one of the world’s leading insurers and reinsurers with offices in 47 countries, backed by A+ ratings by S&P and Fitch. Our approach is one of leading not following, so when it comes to product design or setting the terms and conditions we take the initiative. 2. Entrepreneurial solutions to business risk We are always looking for solutions to business risks which means working closely with all parties to understand their business and creating the right product for them. Based upon an appetite for tripartite partnerships with brokers and clients, built around shared information, our aim is always to find a competitive and effective solution looking far beyond the initial relationship. But just don’t take our word for it, in 2009 we won a number of awards including best insurance company – Underwriting Casualty and best Reinsurance company* and underwriting team of the year**.
3. Empowers through a collaborative can do spirit across the business and with all business partners At every stage of the relationship we encourage a can do spirit, which means everyone benefits from quicker decision making and faster solutions. We emphasise the importance of cooperation across all departments and this in turn enables us to provide a bespoke service and excellent customer relations management programme to our clients. * Reactions London Market awards. ** Insurance Day London Market awards. *** Gracechurch survey. 4. Delivers reliable and responsive service at every stage of the stakeholder experience By understanding the market better and in particular the risks associated with that product, we are more responsive and able to deliver solutions to everyone’s requirements. We place a great emphasis on risk management, with regular newsletters and forums held addressing the key risk issues facing our clients. Our approach when managing claims is always sympathetic and understanding of our client’s needs. The high level of claims service we provide is recognised by winning in 2009 the Global Broker insurance claims award and being rated second highest in the market for claims service***. 5. Specialist in every business line and consistently across all disciplines Our teams are specialists in every business line, which means they give equal importance to the generation of new business as they do to supporting the retention of key existing business. Our underwriters are readily accessible and their skills and in depth product knowledge of their sector enable them to provide an answer straight away. The sheer number of underwriters allows us to have specialists for individual subclasses of product and, if an answer is not readily available, then we are always looking for creative solutions. So whether it’s cover for a sports venue or a catering company or anything in between, we can provide a competitive and effective outcome. 05 QBE Syndicate 2999 Annual report 2009
Page 1 and 2: QBE Syndicate 2999 Annual report 20
Page 3 and 4: QBE Syndicate 2999 highlights QBE S
Page 5: Major events in 2009 • Growth ach
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
Page 19 and 20: Investment performance The total in
Page 21 and 22: Statement of managing agent’s res
Page 23 and 24: Risk management The syndicate’s a
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)
Page 33 and 34: 1 Accounting policies continued g)
Page 35 and 36: 4 Claims outstanding During the yea
Page 37 and 38: 9 Other financial investments conti
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
Page 47 and 48: Designed and produced by 85FOUR www

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