QBE European Operations has restructured its business in order to ensure continued access to the European single market following the UK’s withdrawal.
As of 1 January 2019, we have implemented our post-Brexit plans, as described below, after the Part VII transfers came into effect. Our plans received court approval on 21 December 2018.
In June 2017 we announced our intention to create a new subsidiary in Belgium to preserve our ability to operate across the European Economic Area (EEA). By doing so we have ensured we can continue to enjoy passporting rights and have preserved our ability to provide continuity of service to our European policyholders irrespective of the outcome of Brexit negotiations.
This development enables QBE to support customers and brokers across the EEA from our existing offices in eight continental European countries and also handle European business that is placed in the London market.
Our priority is providing certainty for our customers and our legal entity in Belgium ensures it will be business as usual, with QBE continuing to operate from and across mainland Europe.
QBE has restructured it’s European business by consolidating our (re)insurance platforms in Europe into one Belgium-based (re)insurer, QBE Europe SA/NV (“QBE Europe”).
On these pages, you will find:
- Information about QBE’s Brexit solution;
- A copy of the notice confirming the transfer as published in the Financial Times on 10 January 2019
- Frequently asked questions and answers (“FAQs”).
QBE was one of the first (re)insurers to receive approval for its post-Brexit subsidiary after its Brussels-based entity, QBE Europe SA/NV, was authorised by the National Bank of Belgium in May 2018. This authorisation was then followed up with publicly assigned Insurer Financial Strength ratings for QBE Europe of A+ (stable) from both Standard & Poor’s and Fitch and A from AM Best.
Our post-Brexit plans have been approved by the High Court and the Part VII transfers have completed. Irrespective of the outcome of the Brexit negotiations, we go into 2019 knowing our customers across the European Union can rest assured of an uninterrupted service.
- QBE Europe received its insurance and reinsurance licence from the insurance prudential supervisory authority in Belgium, the National Bank of Belgium, in May 2018.
- QBE Insurance (Europe) Limited (now renamed QBE UK Limited), the principal European insurance company in the QBE Group, transferred all of its general (re)insurance business:
- written through its active branches in Denmark, France, Germany, Italy, Spain and Sweden; and
- previously written by its branches in Belgium, Bulgaria, Estonia, Ireland and Norway to QBE Europe;
- QBE Re (Europe) Limited (“QBE Re”), transferred all of its general and long-term reinsurance business written through its Belgium, Bermudian and Irish branches (comprising the entirety of QBE Re’s business), to QBE Europe.
- The restructure of the QBE Group’s European division was undertaken through a legal process combining an insurance business transfer (known as a “Part VII Transfer”) and a cross-border merger which were both approved by the High Court on 21 December 2018.
- QBE UK Limited will continue to write UK and other non-European insurance business.
- QBE Europe will write (re)insurance business across the EEA on a freedom of services basis and through its European and Bermudian branch network.
Please see our FAQs for greater understanding of our plans.