Personal lines motor boss quits QBE for Markerstudy

Ambitious motor specialist Markerstudy has confirmed to Insurance Times that Steve Stone will join the company as niche underwriting manager on 1st January 2010.

Stone was previously specialist personal lines portfolio manager within QBE's motor division and led a team of underwriters dealing with niche products including private car, commercial vehicle and motorcycle.

The development comes as QBE nears the end of its consultation over its decision to pull out of the personal lines motor market, announced last month. The insurer will either sell its personal lines private car portfolio - which makes up about 10% of its overall motor account - or put it into run-off, with the latter believed to be the likely outcome. According to sources, buyers have been scared off by the tough conditions in the personal lines motor market.

Stone's decision to join Gibraltar-based Markerstudy is thought to be linked to the disposal of the portfolio with more departures expected as a small number of staff within QBE's Chelmsford-based operation face uncertainty over their jobs.

At Markerstudy, Stone will will report to underwriting director Gary Humphreys with a remit to develop a portfolio of niche motor business through a network of brokers, also based in Chelmsford.

He spent more than 28 years at QBE, during which he was a member of the management team who acquired the Torch Motor Syndicate in 1999, completed a management buyout of the Ensign Motor Syndicate in 2001 as well as being responsible for the UK specialist personal lines portfolio and international motor binding authorities.

“With continually improving trading conditions, but contraction in the motor market, I am excited by the prospect of helping to support the growth ambitions of the Markerstudy Group," Stone said.

QBE refused to comment.