Under the leadership of Mr. Frank O’Halloran, QBE has experienced immense growth and is considered one of the greatest success stories in the insurance industry around the world. O’Halloran was directly responsible for over 125 acquisitions by the QBE Group over the last 20 years and the takeover of the Elders' insurance business in Australia is the latest acquisition in QBE’s growth strategy. QBE is now one of the 25 largest insurers in the world with operations in 45 countries deriving three-quarters of its revenue from outside Australia. QBE has been consistently in the top performers in terms of return on equity and combined operating ratio for the past seven years. QBE has negotiated the global financial crisis with extraordinary skill through its strategy of diversification by product, geographical exposure and conservative investments, which has been a vital ingredient in the Group’s success. Market capitalization of QBE Group is now over $22.5 billion, up over 10 times the companies’ value since O’Halloran took over the reigns as CEO. His vision and leadership have led to the establishment and introduction of the QBE Cultural Program, called OPENUPQBE, a program that is the cornerstone of ensuring that QBE’s teams throughout the world are focused on the qualities for leaders and the key value drivers for the business. The worth of the QBE Cultural Program cannot be underestimated, particularly as it has assisted with the integration of many diversified businesses over the past years and a very low turnover of the top 500 staff for many years.