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 our post-Brexit strategy, as described below, has effectively preserved our ability to operate across the European Economic Area (EEA).
In June 2017 we announced our intention to create a new subsidiary in Belgium, and by doing so, we have ensured we can continue to enjoy passporting rights and 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 is business as usual, with QBE continuing to operate from and across mainland Europe.
Brexit Information
QBE has restructured its 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;
- 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 are underway. Irrespective of the outcome of the Brexit negotiations, our customers across the European Union can rest assured of an uninterrupted service.
Further background
- 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.
- During 2020 QBE UK Limited will transfer all EEA re(insurance) business written from UK Head Office.
- On 1st July 2020, we received direction from the High Court of England and Wales to communicate about our plans to transfer business underwritten prior to 1st January 2019 on a Freedom of Services basis by QBE UK Limited to QBE Europe SA/NV.
- QBE has received the Court Order which approved the transfer of legacy business (incepting pre 1st January 2019) from QBE UK Limited to QBE Europe SA/NV, and the transfer of in-scope business has now been completed.
We will continue to update this website as our plans develop.
Downloads
- Scheme Document
- Independent Expert Report
- Scheme and Independent Expert Report Summary
- Q&A Booklet
- Legal Notice
- Supplemental Report of the Independent Expert
- QBE Transfer Court Order
- Letters:
- Claimant Letter
- Claimant Letter - for claimants that were previously part of Project Fall
- Employers Liability Policyholder Letter
- Employers Liability Policyholder Letter - for policyholders that were previously part of Project Fall
- Intermediaries Letter
- Intermediaries Letter – for British Marine brokers
- Intermediaries Letter - for policies that were previously part of Project Fall
- Policyholder Letter
- Policyholder Letter - for policyholders that were previously part of Project Fall
- Reinsurer Letter
- Reinsurer Letter - for reinsurers that were previously part of Project Fall
- Third-Party Adjuster Letter
- Third-Party Adjuster Letter – for policies that were previously part of Project Fall
Lloyd's Brexit Part VII Information
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at https://www.lloyds.com/brexit-transfer.