traded as asx qbe industry insurance founded january 1886 ; 130 years ago 1886 01 headquarters 8 chifley square sydney australia key people mr marty becker chairman 1 mr john neal group chief executive officer products general insurance and reinsurance services number of employees in 2015 there are around 17000 staff in 38 countries worldwide website www.qbe.com qbe insurance group limited is australia s largest global insurer . it provides insurance services mainly to australia america europe and asia pacific region . qbe has 17000 employees in 38 countries worldwide . as of aug 2012 qbe was ranked among the world s top general insurers . qbe has market capitalisation of a 18.6 billion and represents 2.22 % of the asx 200 index citation needed . the company reported a 2014 profit after tax of 742 million and an insurance profit margin of 7.6 % with profit up 1 billion on the prior year . the annual report describes the result as encouraging and particularly strong . 2 qbe was listed on the australian stock exchange in 1973 from the merger of three companies whose names represent the letters of the combined company queensland insurance bankers and traders insurance company and equitable life and general insurance co. and its founding chairman was j.d.o. burns . since then qbe has continued to acquire many companies . for example in february 2007 it acquired mexican insurer seguros cumbre sa de cv whose net tangible assets were estimated at 26 million and american insurer general casualty insurance . 3 in 2011 qbe purchased balboa insurance of california usa from bank of america . 4 5 6 7 qbe insurance is also known for its sponsorship of sports teams including the sydney swans of the australian football league the sydney roosters of the national rugby league the nsw swifts of netball s trans tasman anz championship the perth glory of the hyundai a league and provincial new zealand rugby team north harbour . qbe is the official insurance partner of england rugby . john neal was appointed to the position of group chief executive officer on 17 august 2012 . frank o halloran the former ceo was with the company for over thirty five years . he was appointed chief financial officer in 1982 joined the board as director of finance from 1987 to 1994 and was director of operations from 1994 to 1997 . force placed insurance controversy edit maintaining a property insurance policy is one of the most common conditions imposed upon anyone who borrows money to purchase a house . 8 if a borrower allows such a policy to lapse us lenders will purchase force placed insurance for the property owner also called lender placed insurance or collateral protection insurance 9 the use of force placed insurance by lenders is an ongoing practice that in the wake of the financial crisis has become increasingly common 10 11 12 being cited by many experts as the cause of foreclosures themselves . 13 the coverage prevents gaps in insurance which is required by the terms of most mortgages . the financial industry justifies higher premium costs of force placed insurance policies because of the heightened insurance risk of borrowers who aren t paying for their own insurance . 14 opponents of the product consistently provide statistics in opposition to these statements 15 16 citing kickback payouts and loss ratios that are much lower than the rest of the insurance industry . 17 force placed insurance policies fell under regulatory scrutiny when the new york state department of financial services dfs launched an investigation into the lender placed insurance industry that has so far led to settlements with qbe and assurant 14 18 19 although testimony in these hearings discussed reverse competition and kickbacks from assurant to its banking clients 20 21 in response to the settlement dfs superintendent benjamin lawsky stated prices should not be pushing up and up pushing borrowers over the foreclosure cliff . 22 in january 2013 the consumer financial protection bureau issued new mortgage servicing rules that ensures borrowers are warned in advance of force placed insurance s cost and prevent banks from force placing policies on many escrowed loans . all consumers will receive protections before a servicer may impose a charge for a force placed insurance an agency spokeswoman wrote . 23 in october 2012 qbe and california agreed to a rate reduction for lender placed insurance with an average savings to policyholders of 577 annually . 24 the federal housing finance agency which oversees fannie mae freddie mac and the federal home loan banks 25 has looked into the relationships between force placed insurers and their clients 26 determining the relationships to be fraudulent and banning any future service kickbacks . 27 in addition the florida office of insurance regulation is looking into the practice 28 references edit qbe insurance group ltd . brisbane times . fairfax media . 31 march 2014 . retrieved 9 april 2014 . 1 newman judy 5 january 2007 . general casualty to be sold . the wisconsin state journal madison.com . retrieved 5 january 2007 . rumpler john . ceo . property casualty 360 . property casualty 360 . retrieved march 15 2013 . rumpler john . ceo . property casualty 360 . property casualty 360 . retrieved march 15 2013 . calbreth dean . writer . san diego union tribune . san diego union tribune . retrieved 15 march 2013 . am best . am best . retrieved 15 march 2013 . bank of america newsroom . retrieved 6 may 2016 . wyatt edward 26 march 2013 . regulators review costs of force placed insurance . the new york times . force placed insurance what you need to know . dfs.ny.gov . retrieved 30 april 2014 . housing regulator targets costly forced insurance practices . thehill . retrieved 30 april 2014 . the wall street journal http online.wsj.com article sb10001424127887323466204578382603826452198.html . missing or empty title help pdf https web.archive.org web 20130401080537 http www.fhfa.gov webfiles 25050 lpiregister32613.pdf . archived from the original pdf on april 1 2013 . retrieved november 10 2013 . missing or empty title help look who s pushing homeowners off the foreclosure cliff . bloomberg . a b http newsandinsight.thomsonreuters.com legal news 2013 03 march new york regulators assurant settle over force placed insurance . missing or empty title help new york state department of financial services force placed insurance public hearings pdf may 2012 retrieved 15 may 2013 lender placed insurance programs argue validity nbc may 2013 retrieved 15 may 2013 citing kickback payouts and loss ratios that are much lower than the rest of the insurance industry press release march 21 2013 cuomo administration settles with country s largest force placed insurer leading nationwide reform effort and saving homeowners taxpayers and investors millions of dollars . dfs.ny.gov . retrieved 30 april 2014 . cuomo administration settles with country s second largest force placed insurer leading nationwide reform effort and saving millions for homeowners and investors governor andrew m. cuomo . governor.ny.gov . 18 april 2013 . retrieved 30 april 2014 . reforming force placed insurance pdf press release . new york department of financial services . 5 april 2013 . retrieved 15 may 2013 . assurant inc 26 march 2013 . the fhfa s home insurance crackdown is late to the game . businessweek . retrieved 30 april 2014 . insurance company settles huge case . huffington post . 21 march 2013 . jeff horwitz 18 january 2013 . cfpb treads lightly on force placed insurance insurance networking news . insurancenetworking.com . retrieved 30 april 2014 . insurance commissioner dave jones announces 42.7 million rate reduction for policyholders of force placed mortgage insurer . insurance.ca.gov . retrieved 30 april 2014 . clarish about the federal housing finance agency fhfa seeks curbs on force placed homeowner s insurance . bloomberg . the wall street journal http online.wsj.com news articles sb10001424052702303661404579178182732972564 . missing or empty title help lender placed insurance coverage . floir.com . retrieved 30 april 2014 . external links edit official website google finance entry qbr business practices example 1 qbr business practices example 2 qbe argentina qbe brasil qbe chile qbe colombia qbe ecuador qbe mexico qbe puerto rico v t e s & p asx 50 companies of australia s & p asx 200 agl energy amcor amp apa asciano aurizon anz asx bhp billiton brambles caltex australia coca cola amatil commonwealth bank computershare crown csl dexus goodman gpt incitec pivot iag james hardie lend lease macquarie medibank mirvac national australia bank newcrest mining oil search orica origin energy qbe insurance ramsay health care rio tinto santos scentre seek sonic healthcare south32 stockland suncorp sydney airport holdings telstra transurban vicinity wesfarmers westfield westpac woodside petroleum woolworths v t e present international credit insurance & surety association 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council of australia national farmers federation s & p asx 50 companies alpha sorted agl energy amcor amp apa asciano aurizon anz asx bhp billiton brambles caltex australia coca cola amatil commonwealth bank computershare crown csl dexus goodman gpt incitec pivot iag james hardie lend lease macquarie group medibank mirvac national australia bank newcrest mining oil search orica origin energy qbe insurance ramsay health care rio tinto santos scentre seek limited sonic healthcare south32 stockland suncorp sydney airport holdings telstra transurban vicinity centres wesfarmers westfield westpac woodside petroleum woolworths other notable companies adelaide bank akubra alumina australian radio network axa asia pacific bendigo bank bluescope steel bunnings caltex camperdown dairy international challenger cimic cochlear coles downer group fairfax media fosters holden james hardie jb hi fi john holland macquarie radio manildra group metcash national storage news corp australia nine entertainment optus qantas qube holdings rm williams seven west media southern cross austereo st george bank star entertainment group vero insurance virgin australia zinifex corporate controversies and collapses ansett australia bridgecorp holdings dick smith holdings firepower international great southern group james hardie asbestos controversy rodney adler brad cooper ray williams and the collapse of hih insurance king brothers masters home improvement opes prime pasminco becomes zinifex poseidon bubble price fixing in the packaging industry rene rivkin and the offset alpine fire jodee rich and one.tel christopher skase and qintex storm financial timbercorp wa inc wayne