QBE implements post-Brexit plans
Business insurance specialist QBE European Operations has implemented its post-Brexit plans, following its Part VII transfers coming into effect on January 1, 2019.
A Part VII transfer is a court-sanctioned legal transfer of some or all of the policies of one entity to another.
The transfers include 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) moving to QBE’s new Belgian entity, QBE Europe SA/NV.
QBE's post-Brexit restructuring plans received approval from the High Court during a hearing in December, and the re/insurance provider believes this will ensure continuity of service for its customers across the EU.
“We are pleased that our post-Brexit plans have been approved by the High Court and the Part VII transfers have completed," said David Winkett, chief financial officer for QBE Europe. "Irrespective of the outcome of the Brexit negotiations, we go into 2019 knowing our customers across the European Union can rest assured of an uninterrupted service.”
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 authorised by the National Bank of Belgium in May 2018.
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