QBE gets green light for post-Brexit plans
Re/insurer QBE has announced that its post-Brexit restructuring plans were heard at the High Court, ensuring continuity of service for its customers across the European Union.
The 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 business insurer received 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.
The move will see QBE's general insurance business, which is currently written through its European branch network, and its reinsurance business (written through its Belgian, Bermudan and Irish branches) move to QBE’s new Belgian 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,” he added.
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