The reinsurance arm of Australia-based QBE, QBE Re, has outlined its plan to launch in Bermuda.
Through the creation of a branch of QBE Re (Europe), the reinsurer will be licensed to operate as a Class 4 reinsurer and will be writing property and casualty treaty business.
Heading the Bermuda operations will be Erik Soria who is transferring from QBE Re’s New York office. Soria will report to Jonathan Parry, chief underwriting officer, QBE Re, who is based in London.
Parry said: “With QBE Re now firmly established following its launch in 2012, we have taken the decision to enhance our distribution base and access locally the business that emanates from this important market. Our branch in Bermuda will complement our existing operations in London, Dublin, New York and Brussels, and will provide an additional platform for growth as we develop and scale up our business worldwide.”