QBE picks Brussels for post-Brexit EU subsidiary
Re/insurer QBE will establish a new subsidiary in Brussels, Belgium, to preserve its ability to operate across the European Union in the event of a loss of 'passporting' rights when the UK leaves the EU.
The company stressed that, while QBE European Operations’ headquarters will remain in London, the new Belgian entity will be operational for 2019 renewals.
The move will enable QBE to support customers and brokers across the EU from its existing offices in eight European countries and also handle European business that is placed in the London market, the company said.
Richard Pryce, CEO of QBE European Operations, said: "Our priority is providing certainty for our customers and staff, and our decision to set up a legal entity in Belgium ensures we can provide continuity of service irrespective of the outcome of Brexit negotiations.
"From the perspective of our customers, broker partners and staff it will be business as usual, with QBE continuing to operate from and across mainland Europe."
QBE already has a branch office in Brussels, a factor which influenced its final decision, alongside Belgium’s central geographical and political role in the EU, combined with a solid and constructive local regulator, the company said in a statement.
“We have a well established business in Brussels and we expect to utilise our existing talent in Brussels to take up key roles within the newly formed company," Pryce added. "The National Bank of Belgium has been very constructive and supportive of our implementation timetable."
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