QBE sells renewal rights for select Irish commercial insurance portfolios to Ascot Group

The sale follows QBE’s decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business.

The deal will see Ascot offering renewal terms on the portfolios, while existing back book policies will remain with QBE.

Commenting on the deal, Cécile Fresneau, Managing Director, Insurance, said: “We are very pleased with this outcome having spent several months thoroughly investigating the most suitable home for this business. Together with Ascot, we are committed to working closely with our broking partners on the renewal of the portfolios in order minimise disruption for our existing customers.”

Andrew Brooks, CEO of Ascot Group, said: “We’re pleased to assume the renewal rights for this business from QBE. We believe this provides the best possible outcome for clients and brokers who will benefit from a consistent and smooth transition to Ascot. We welcome these new insureds to Ascot, and look forward to providing them with the high-quality underwriting and service for which Ascot is known.”

QBE will continue to manage and provide ongoing services across all policies until Ascot offers renewal terms.

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For further information contact:

Alexis Burris, Corporate Communications, QBE, 020 3465 3921, Alexis.Burris@uk.qbe.com

Sandra Villanueva, Corporate Communications, QBE, 020 7105 5284, Sandra.Villanueva@uk.qbe.com

David Fitzpatrick, Ascot Group, 020 7743 9610  david.fitzpatrick@ascotgroup.com

About QBE

QBE helps businesses build resilience through risk management and insurance.

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 2021 was US$18.5 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 customer base.

We understand the crucial role that effective risk management plays in all organisations and work hard to understand our customers’ 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 customers improve their risk management so that they may benefit from a reduction in claims frequency and costs.

About Ascot Group

Ascot Group is a global specialty insurance and reinsurance group with a record of underwriting excellence and superior claims service. Founded in 2001, Ascot provides a broad range of property and casualty products to customers worldwide through its Lloyd’s and Bermuda market platforms. In the United States, Ascot provides specialized insurance products to small and mid-sized business as well as offering underwriting services to high-quality carrier and syndicate partners through its MGU, Ethos Specialty.

Ascot Group is owned by CPP Investments, a global investment management organization that invests the assets of the Canada Pension Plan. CPP Investments is the largest pension plan in Canada with over C$500 billion in invested assets, representing the retirement contributions of over 20 million Canadians. CPP Investments is rated ‘AAA’ by S&P and Moody’s.