QBE's received approval to move its European business to Brussels
QBE Re (Europe) Limited reinsurance business written through its Belgian, Bermudan, and Irish branches will also move to the Belgian unit.
The operation is seen by the QBE officials as "another significant milestone in its Brexit preparations," 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 authorization by the National Bank of Belgium in May 2018. This authorization 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.
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."