QBE - QBE
QBE Insurance Group Limited (ASX: QBE) is a large general insurance company based in Australia. It operates mostly in Australia and the South Pacific, but has a branch in Europe as well (QBE European Operations) and offices in 45 different countries around the world. It is Australia’s largest insurance group and one of the top 25 in the world. QBE was first listed on the Australian Stock Exchange in 1974.
QBE was formed in 1973 by a merger between Queensland Insurance, Bankers’ and Traders’ Insurance Company, and another company, The Equitable Probate and General Insurance Co. Since then QBE has expanded through acquisitions, most recently of the Mexican insurer Seguros Cumbre SA de CV in 2007.
The majority of QBE’s earnings come from its foreign operations (that is, outside of Australia), making it susceptible to exchange rate risk.
QBE’s profits in 2008 were AUD$1.86 billion.
Corporate headquarters are in Sydney, Australia.
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