Green light for QBE’s post-Brexit plans with Part VII transfer hearing
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”
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 2018 was US$13.7 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.
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