QBE appoints Ed Rainsford as Chief Risk Officer for Australia Pacific

Global insurance giant QBE announced the appointment of Ed Rainsford as the Chief Risk Officer (CRO) for its Australia Pacific division. Rainsford, a seasoned professional with a decade of experience at QBE, steps into this critical role as the company continues to strengthen its risk management framework amid a period of significant growth and profitability.

Ed Rainsford's journey with QBE has been marked by a series of senior roles that have provided him with deep insights into the company’s operations and strategic direction. His extensive experience within the organization positions him well to take on the responsibilities of Chief Risk Officer for the Australia Pacific region, where he will oversee the identification, assessment, and management of risks that could impact QBE’s business objectives.

Rainsford’s most recent role was as the Group Chief Compliance Officer within QBE’s Group Risk and Compliance team. In this capacity, he was responsible for ensuring that QBE’s global operations adhered to regulatory requirements and internal policies, a role that has undoubtedly equipped him with the expertise needed to navigate the complex regulatory environment in the Australia Pacific region.

Prior to his role as Group Chief Compliance Officer, Rainsford served as the Chief of Staff in the Office of the Group CEO for over four years. This role saw him working closely with QBE’s top leadership, providing strategic advice and support on key initiatives and helping to drive the company’s global strategy. His tenure in this role gave him a unique vantage point on the challenges and opportunities facing the company, further preparing him for his new position as CRO.

Rainsford's experience also extends to QBE North America, where he served as Vice President of Transaction Liability in 2016. In this role, he was involved in managing and mitigating risks associated with transactional insurance products, a critical aspect of QBE’s business in the North American market.

Before joining QBE, Rainsford gained legal expertise as a Senior Associate at Corrs Chambers Westgarth, one of Australia’s leading law firms, and as a Lawyer at the international firm Bird & Bird. This legal background has provided him with a solid foundation in risk assessment and management, which he has effectively leveraged throughout his career at QBE.

Rainsford’s appointment comes at a time when QBE is experiencing robust financial performance. In its results for the first half of 2024, QBE reported a statutory net profit after tax of $802 million, a significant increase from $400 million in the same period last year. This doubling of net profit underscores the company’s improved operational efficiency and strategic focus.

The company’s combined ratio, a key measure of underwriting performance, also saw marked improvement, decreasing to 93.8% from 98.8% in the previous year. This improvement was driven by lower catastrophe costs, more stable reserve development, and supportive premium rate increases. The enhanced combined ratio indicates that QBE is effectively managing its underwriting risks, which will be a key focus for Rainsford in his new role as CRO.

QBE’s strong financial results reflect its ability to adapt to changing market conditions and its commitment to disciplined risk management. As Chief Risk Officer, Rainsford will play a pivotal role in maintaining this momentum by ensuring that the company continues to effectively manage its risks while pursuing growth opportunities in the Australia Pacific region.

The role of Chief Risk Officer is critical in today’s rapidly evolving insurance landscape, where companies must navigate a complex array of risks, including regulatory changes, economic volatility, and emerging threats such as cyber risk and climate change. Rainsford’s deep understanding of QBE’s global operations and his extensive experience in risk management and compliance make him ideally suited to lead the company’s risk management efforts in the Australia Pacific region.

As CRO, Rainsford will be responsible for overseeing QBE’s risk management framework, ensuring that it is aligned with the company’s strategic objectives and that risks are effectively identified, assessed, and managed across the business. His appointment underscores QBE’s commitment to maintaining strong risk management practices as it continues to grow and expand its operations in the region.