Green light for QBE’s post-Brexit plans with Part VII transfer hearing

QBE-Insurance-European-Operations-moves-forward-its-post-Brexit-plans

QBE European Operations has reached another significant milestone in its Brexit preparations after its restructuring plans were heard at the High Court today, ensuring continuity of service for its customers across the European Union.

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 granted authorisation by the National Bank of Belgium in May 2018. This authorisation was then followed up with publicly assigned Insurer Financial Strength ratings for the new entity of A+ (stable) from both Standard & Poor’s and Fitch.

In a similar vein, today’s 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 scheme will see QBE Insurance (Europe) Limited move the general insurance business written through its European branch network and QBE Re (Europe) Limited move the reinsurance business (written through its Belgian, Bermudan and Irish branches) to QBE’s new Belgian (re)insurance 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”

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