QBE, the Business Insurance specialist, today announces its intention to create a new subsidiary in Belgium to preserve its ability to operate across the European Union in the event of a loss of ‘passporting’ rights due to Britain leaving the EU.
Richard Pryce, CEO of QBE European Operations said “Our priority is providing certainty for our customers and staff, and our decision to set up a legal entity in Belgium ensures we can provide continuity of service irrespective of the outcome of Brexit negotiations. From the perspective of our customers, broker partners and staff it will be business as usual, with QBE continuing to operate from and across mainland Europe.”
QBE has a long established presence in Belgium; currently in the form of a Brussels branch, a factor which influenced the final decision, alongside Belgium’s central geographical and political role in the EU, combined with a solid and constructive local regulator.
Richard Pryce added “We have a well established business in Brussels and we expect to utilise our existing talent in Brussels to take up key roles within the newly formed company. The National Bank of Belgium has been very constructive and supportive of our implementation timetable.”
QBE European Operations’ headquarters will remain in London and the new Belgian entity is scheduled to be operational for 2019 renewals. This development will enable QBE to support customers and brokers across the EU from our existing offices in eight European countries and also handle European business that is placed in the London market.
For further information contact: Sandra Villanueva, Corporate Communications, QBE, 020 7105 5284 / Sandra.firstname.lastname@example.org
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2016, was US$14.3 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.