QBE’s Praetorian insurance company product lines
QBE Insurance Group or QBE Insurance Corporation is the biggest global insurer in Australia and rank as world’s top general insurer. It conducts business in 38 countries worldwide and hires about 17,000 employees.
QBE North America is the group’s major division owning the license to sell and underwrite insurance policies of various categories in all 50 states including District of Columbia and Puerto Rico. Product categories include personal and business insurance, but these categories have numerous sub-categories to cover the needs for a complete range of financial protections on all types of properties for individuals, small business, a mid-size company, and even large corporations. In the US, Praetorian Insurance Company is one of the latest acquisitions to add the group’s line of subsidiaries.
Acquisition of Praetorian
In 2007, Australia’s QBE Insurance Corporation made the purchase of Praetorian Insurance Company from Hannover Re for US$800 million. Because the new subsidiary is in New York, it has been working under the roof of QBE North America since the time of the acquisition until now. Product diversification and standardization of services are major marketing points of the group, so the acquisition is complementary to the existing business strategy. However, it is more like an expansion of coverage area rather than insurance products; Praetorian Insurance Company offers the same product lines as QBE North America. An overview of both Personal and Business Insurance policies from the company is as follows.
QBE Insurance Corporation is a big business group that consists of numerous companies all around the world. Although all subsidiaries work under the same roof, every region and country have different rules to regulate how businesses and customers engage in insurance activities. Insurance product lines can be different between subsidiaries, but in North America the categories available for Personal Insurance are:
QBE, having the license to sell and underwrite insurance policies in all states, the company makes sure that customers get the proper policies that comply with the regulation regardless of where they live.
Product lines by QBE Insurance Corporation and all its subsidiaries for business insurance are even more comprehensive than the personal one. Types of coverage are subject to availability and the rules that govern the insurance standards in your region or state. The company’s business insurance categories are as follows.
Commercial Umbrella Liability: umbrella liability coverage comes in when all other types of coverage are no longer applicable due to renewal process or exhaustion. QBE Insurance Corporation even offers to pay upfront for your losses.
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Both Personal and Business Categories are available from QBE through subsidiaries. Other insurance products such as reinsurance, specialty insurance, and crop also exist. The insurance group recommends all potential customers to work with independent agents for the sake of transparency in the process to create long-term mutual relationships that benefit all parties. Some agents have affiliation with the group, but working with non-affiliates is best to make sure you get the best financial protection for the least amount of premium.