QBE Insurance Group Limited (ASX: QBE) has confirmed a significant QBE board update, announcing Peter Wilson’s departure from the Company’s Board effective 31 December 2025. The announcement comes after Mr Wilson chose to pursue an opportunity with a competing carrier, marking an unexpected leadership transition.
Figure 1: Peter Wilson, Non-Executive Director
The QBE new director search will commence shortly as the Company seeks a qualified replacement candidate. QBE board update news surfaced through an official ASX announcement on 5 December 2025, detailing the circumstances surrounding the director’s exit.
Wilson Exits QBE Board After Brief Stint
Peter Wilson joined the QBE Group Board as a Non-Executive Director in 2023. His tenure spanned just over two years before the recent departure announcement. The director brought more than 40 years’ experience across the insurance sector to the Company.
QBE Chairman Mike Wilkins acknowledged Wilson’s contributions in the official statement. He thanked Peter for the significant expertise brought to QBE, particularly perspectives on international markets and governance. The QBE board update highlighted Wilson’s valued input during his time with the Company.
What Prompted The QBE Board Update Announcement?
The QBE ASX announcement specified that Wilson’s departure follows his decision to pursue an opportunity with another carrier. This competing carrier directly competes with QBE’s operations. The timing places Wilson’s last day with the Company on 31 December 2025.
The Board expressed well wishes for Wilson’s future endeavours despite the competitive nature of his next role. QBE maintains its focus on strong governance during this transition period. The Company emphasised its commitment to identifying suitable replacement candidates promptly.
QBE’s Strong Financial Performance During Leadership Transition
QBE reported statutory profit after tax attributable to ordinary equity holders of USD 1,022 million for the half year ended 30 June 2025. This represents a substantial increase from USD 802 million in the prior corresponding period. The Company’s combined operating ratio improved to 92.8% from 93.8% in the prior period.
Figure 2: Half-year 2025 financial performance summary
Gross written premium increased by 6% to USD 13,820 million from USD 13,051 million in the prior period. The Company’s net insurance revenue grew by 4% on a constant currency basis. Strong organic growth across North America and International divisions drove the performance.
Board Composition And Governance Framework
The QBE Group Board comprises experienced directors with diverse industry expertise. Following Wilson’s departure, the Board will include Yasmin Allen AM, Stephen Ferguson, Andrew Horton, Penny James and Tan Le. Additional directors include Kathryn Lisson, Neil Maidment and Chairman Michael Wilkins AO.
Figure 3: QBE’s global headquarters building
The Company’s governance framework emphasises strong oversight and strategic direction. QBE’s Board structure supports effective decision-making across complex international insurance operations. The directors oversee operations spanning North America, International and Australia Pacific divisions.
QBE New Director Search: Replacement Process Underway
As confirmed QBE new director search will commence shortly to identify a suitably qualified replacement candidate. The search aims to ensure an effective transition while maintaining governance standards. The Company prioritises finding expertise that aligns with its strategic direction.
The replacement process will focus on candidates with strong international market experience. QBE seeks professionals with deep expertise in key markets, including the US, UK and Bermuda regions. The QBE board update indicates the Company values these specific market insights for Board composition.
Capital Management and Balance Sheet Strength
QBE’s indicative APRA PCA multiple stands at 1.85x as at 30 June 2025, remaining strong relative to the Company’s target range. This compares to 1.86x at 31 December 2024. Net assets increased to USD 10,898 million from USD 10,731 million at 31 December 2024.
The Company’s debt-to-total capital ratio increased to 25.2% from 19.9% at 31 December 2024. This primarily reflects Tier 2 issuance during the period to replace Additional Tier 1 capital notes totalling USD 900 million. Total borrowings increased to USD 3,679 million from USD 2,664 million at 31 December 2024.
Share Price Performance and Market Position
With the QBE ASX announcement, its shares last traded at AUD 18.815 per share as on 5 December 2025. The Company’s market capitalisation stands at AUD 28.60 billion as on the same date. QBE’s 52-week range extends from AUD 18.380 to AUD 24.200 per share.
Figure 4: QBE share price movement over the past three months
The QBE board update announcement had minimal immediate impact on trading activity. Investors appear focused on the Company’s operational performance and strategic direction. The market capitalisation reflects QBE’s position as one of Australia’s leading insurance providers.
FAQ
Q1: When does Peter Wilson officially leave the QBE Board?
Peter Wilson’s departure from the QBE Group Board becomes effective on 31 December 2025.
Q2: Why is Peter Wilson leaving QBE?
Wilson is stepping down to pursue an opportunity with another carrier that competes with QBE.
Q3: When did Peter Wilson join the QBE Board?
Peter Wilson joined the QBE Group Board as a Non-Executive Director in 2023.
Q4: What is QBE’s current market capitalisation?
QBE’s market capitalisation is AUD 28.60 billion as on 5 December 2025.
Q5: Has QBE identified a replacement director yet?
No, QBE will shortly commence a process to identify a suitably qualified replacement candidate.
