Under this restructure, which received UK court approval on 7 September 2012, QBE Reinsurance (Europe) Limited in Dublin and SECURA N.V. in Belgium will become branch offices of QBE Re (Europe) and will benefit from a consolidated capital base of EUR 536 million.
QBE Re will now operate across three underwriting platforms: QBE Re (Europe), Syndicate 566 and QBE Reinsurance Corporation (Americas). Syndicate 566 and QBE Reinsurance Corporation (Americas) remain unaffected by these restructuring changes.
At the same time, rating agency STANDARD&POOR'S has confirmed it will assign an "A+" financial strength rating to QBE Re (Europe) once the newly merged operation becomes effective.
"With the simplified operating structure in place and with confirmation that excellent financial strength ratings extend across all three of our underwriting platforms, QBE Re is well positioned to deliver the anticipated benefits of our global platform to brokers and clients. Clients of our Dublin and SECURA operations will now benefit from the enhanced capital strength of QBE Re (Europe) and the "A+" S&P rating. All clients worldwide will enjoy a consistent underwriting approach from expert underwriters who are empowered to make local underwriting decisions and who are backed by the strength of each of our three operating platforms", commented Jonathan PARRY, Chief Underwriting Officer, QBE Re.
In 2012 QBE Re has a gross written premium of over USD 1.5 billion, across a well-balanced portfolio of property, casualty and specialty lines.