QBE Re to launch in Bermuda

The reinsurance arm of Australia-based QBE, QBE Re, is set to launch operations in Bermuda in 2015.

In a QBE Europe investor presentation, the insurer confirmed it had received permission to open an office on the island.

The insurer said that property lines were a challenging market in all territories, with too much capacity chasing too little business but added that the opening of its Bermuda branch is an opportunity to build out its distribution platform.

It added that there were plans to develop a new hub in Miami for Latin America specialty large accounts.