QBE sets up EU unit in Belgium
Australia-based QBE has been granted a license for a new Belgian subsidiary QBE Europe to enable the company to maintain continued passporting rights across the European Economic Area (EEA) after the UK leaves the EU.
QBE Europe will leverage the existing base that the group has in Brussels and ensure a seamless transition of service for QBE’s insurance and reinsurance customers across Europe, according to a statement. QBE Europe will continue to have branches in Bermuda, Denmark, France, Germany, Ireland, Italy, Spain, Sweden and the UK and intends to commence underwriting in the fourth quarter of 2018.
“Our priority throughout the Brexit process has been to provide seamless continuity and certainty for our customers and staff, whatever the final terms of the UK’s exit,” said QBE Europe CEO Richard Pryce. “I am delighted that our Brexit programme is on track and that we have reached this important stage in our plan to continue to provide a full-service capability offering to our customers,” he added.
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