QBE gets green light for post-Brexit plans
Re/insurer QBE has announced that its post-Brexit restructuring plans were heard at the High Court, ensuring continuity of service for its customers across the European Union.
The hearing marks one of the first Brexit-driven transactions to be given the go ahead by the High Court, subject to sanctioning in December.
The business insurer received approval for its post-Brexit subsidiary after its Brussels-based entity, QBE Europe SA/NV, was granted authorisation by the National Bank of Belgium in May 2018.
The move will see QBE's general insurance business, which is currently written through its European branch network, and its reinsurance business (written through its Belgian, Bermudan and Irish branches) move to QBE’s new Belgian entity, QBE Europe SA/NV.
David Winkett, chief financial officer for QBE Europe, said: “We are delighted with the outcome of the High Court hearing. This is further demonstration of QBE’s advanced state of readiness and our plans to provide certainty, continuity and business as usual service to our customers across the European Union following Brexit."
"QBE will also use this opportunity to further develop its footprint in Continental Europe,” he added.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
TransRe plans Luxembourg subsidiary in European expansion
CCR Group reshuffles senior management
Lancashire names new Bermuda CUO, group chief actuary
Nexus snaps up aerospace MGA from Castel
AIR launches new severe thunderstorm model for Europe
John Neal takes on ‘toughest job in industry’ as CEO of Lloyd’s
Insurtech will mean job losses and less demand for reinsurance
Guy Carp unveils insurtech unit
Many carriers to be cashflow negative by 2019: Catlin
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze