QBE European Operations has decided to restructure its business in order to ensure continued access to the European single market following the UK’s withdrawal.
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 will ensure we can continue to enjoy passporting rights and preserve our ability to provide continuity of service to our European policyholders irrespective of the outcome of Brexit negotiations.
This development is intended to enable 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 decision to set up a legal entity in Belgium ensures it will be business as usual, with QBE continuing to operate from and across mainland Europe.
QBE intends to facilitate the above 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 plans for Brexit;
- Documents relating to the legal process; and
- Frequently asked questions and answers (“FAQs”).
- QBE Europe received its insurance and reinsurance licence from the insurance prudential supervisory authority in Belgium, the National Bank of Belgium, in May 2018.
- It is proposed that:
- QBE Insurance (Europe) Limited (“QIEL”), the principal European insurance company in the QBE group, will transfer all of its general (re)insurance business: (i) written through its active branches in Denmark, France, Germany, Italy, Spain and Sweden; and (ii) previously written by its branches in Belgium, Bulgaria, Estonia, Ireland and Norway; and
- QBE Re (Europe) Limited (“QBE Re”), the principal European reinsurance company in the QBE group, will transfer all of its general and long-term reinsurance business written through its Belgian, Bermudan and Irish branches (comprising the entirety of QBE Re's business),
in each case, to QBE Europe.
- The proposed restructure of the QBE group’s European division will be undertaken through a legal process combining an insurance business transfer (known as a “Part VII Transfer”) and a cross-border merger, which is subject to regulatory and court approvals. We will be writing to policyholders, claimants, brokers, reinsurers and other interested parties from mid-September 2018 to provide details of the proposed restructure, and how it may impact them.
- Following the restructure, QIEL will continue to write UK and other non-European insurance business (and will be renamed QBE UK Limited) and QBE Europe will write (re)insurance business across the EEA on a freedom of services basis and through its branch network.
We encourage you to re-visit this website from time to time, as more information will be made available as our restructure plans progress. Please see our FAQs for greater understanding of our plans.
Please note that, notwithstanding the information included in the Communications Packs provided to our European policyholders, it is proposed that the Part VII Transfers and the cross-border merger will in fact take effect at 01:00am (GMT) (as opposed to 00:01am (GMT)) on 1 January 2019.