QBE European Operations, the business insurance specialist, has implemented its post-Brexit plans, after its Part VII transfers came into effect on 1 January 2019.
QBE’s post-Brexit restructuring plans received High Court approval during a hearing in December. This final step ensures continuity of service for its insurance and reinsurance customers across the European Union.
QBE Insurance (Europe) Limited, now called QBE UK Ltd., has moved the general insurance business written through its European branch network; and QBE Re (Europe) Limited* moved its entire reinsurance business (written through its Belgian, Bermudan and Irish branches) to QBE’s new Belgian (re)insurance entity, QBE Europe SA/NV.
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.
David Winkett, Chief Financial Officer for QBE Europe said “We are pleased that 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 Re (Europe) Limited has now merged with QBE Europe and now operates under this name
For further information contact:
Sandra Villanueva, Corporate Communications, QBE, 020 7105 5284, Sandra.Villanueva@uk.qbe.com
Alexis Burris, Corporate Communications, QBE, 020 3465 3921, Alexis.Burris@uk.qbe.com
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+/stable rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2017, was US$14.1 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.