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10 September 2018Insurance

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.

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More on this story

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5 November 2018   Re/insurer QBE has unveiled plans to consolidate its Asian and European operations into a "large and better resourced" international division; it will also merger its Pacific business with its Australian & New Zealand operations.
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10 October 2018   Specialist insurer QBE North America has appointed Toria Lessman and Stacey Meade as new heads of transactional liability and financial institutions businesses, respectively.
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16 August 2018   Australia-based QBE has benefitted from improvements in its North American operations in the first half of 2018 while the European unit’s performance weighed on results.