QBE personal lines motor account put into run-off
Motor team set to join Markerstudy
QBE has placed its personal lines motor account into run-off following the departure of divisional manager Steve Stone.
It is thought that a team of up to ten members of the team will also make the move to Markerstudy to spearhead its new Chelmsford-based personal lines motor business.
A QBE spokesman said: "We can confirm that following a review of our UK personal lines private car portfolio we are placing this non core product into orderly run off.
This decision has no effect on the planned growth and strategic development of the commercial motor account which comprises of 90% of our UK motor insurance interests".
Mr Stone began his post at the beginning of the month, after more than 28 years at QBE, and will report to Markerstudy underwriting director Gary Humphreys.
According to a study compiled by KPMG in October last year, the total liabilities of the UK non-life run-off market increased by approximately 30% to an estimated £37.4bn in 2008, up from £28.3bn in 2007.
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