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 the 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 businesses, mid-size companies, 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.
- Personal Insurance
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 has 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:
- Residential Homeowners: this is the coverage for free-standing residential homes and condominiums. Multiple options are available including personal property, liability, and additional comprehensive coverage.
- Renters: an insurance policy that contains multiple coverage options to provide financial protections for tenants and their personal belongings.
- Auto: a complete package of car insurance coverage with rewards or discounts for eligible customers.
- Collections: the coverage offers the option to protect valuables such as jewelry, consumer electronics, guns, coins, furs, sports equipment, and specialty collections.
- Umbrella: personal umbrella coverage offers broader protections for private properties including home, auto, and boat. It is available worldwide with the additional protection of up to $5 million.
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.
- Business Insurance
Product lines by QBE Insurance Corporation and all its subsidiaries for business insurance are even more comprehensive than the personal ones. 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.
- Auto: it covers all risks that may arise from the use of vehicles for commercial purposes. Rewards for safety-conscious drivers/companies are available.
- Crime: financial protection in case of losses due to criminal activities including forgery, burglary, and employee dishonesty. The company provides the protection best suitable for your company. The difference in coverage or limit is possible depending on the field of business or company size.
- General Liability: more properties mean more possibilities to be liable for the other party’s losses and injuries. An accident happens, but the company makes sure that you have what it takes to handle a dispute.
- Workers’ Compensation: in case a workers’ compensation claim occurs, the company helps you to go through the process by preparing sizeable plans. Such a method allows you to work faster to settle any claims.
- Commercial Inland Marine: This is one of the most important business insurance products. It protects all movable merchandise regardless of the type of business you run. Commodities may include small items such as important papers and medical equipment to computer systems and theatrical properties.
- Commercial Package: it is an extension package to provide financial protection from property damages. The package is available for any business for examples contractors, restaurants, commercial/public golf courses, wholesale distributors, food processors, wineries, and metalworkers.
- Commercial Property and Business Income: when natural disasters strike to a point where your business cannot make money, the coverage provides financial protection until your company is up and running again. For big companies, it offers Asset Coverage which gives more than 40 additional protection extensions for better peace of mind.
- Farm: the coverage is available for small farms to big agricultural operations. It covers all properties in a farm including cattle and machinery. Farm coverage also protects stand-alone farming operations such as harvesting, storing, and processing.
Commercial Umbrella Liability: umbrella liability coverage comes in when all other types of coverage are no longer applicable due to the renewal process or exhaustion. QBE Insurance Corporation even offers to pay upfront for your losses.