QBE’s CEO Succession Positive for Long-Term Shareholder Value. AUD 13 FVE Unchanged
In our view, narrow moat-rated QBE Insurance Group’s CEO succession is positive for shareholder value. Well regarded CEO John Neal is stepping down effective Dec. 31, 2017 after five challenging years restructuring the complex global insurer. The CEO change does not impact our AUD 13 fair value estimate and currently, the stock is undervalued trading 19% below our valuation. We believe John Neal has done a good job considering the company-specific difficulties and macro headwinds facing the inte...QBE Insurance Group engages in underwriting general insurance and reinsurance risks, management of Lloyd's syndicates and investment management. Co.'s segments are: North American Operations, which writes general insurance and reinsurance in the U.S.; European Operations, which writes general insurance in the U.K., Canada and mainland Europe; Australian and New Zealand Operations, which underwrites general insurance risks in Australia and New Zealand; Emerging Markets, which writes general insurance in North, Central and South America and provides personal, commercial and general insurance covers in the Asia Pacific region; and Equator Re, which provides reinsurance protection in Bermuda.
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