QBE can feel increasingly confident about its future after taking a significant step forward in its post-Brexit plans.
Insurers with European operations have typically been based in London – but with the UK set to leave the European Union at the end of March 2019, many have been hastily setting up bases on the continent in an effort to maintain passporting rights for their European businesses. Already the likes of Lloyd’s of London have revealed plans – and now QBE has made its own move forward.
QBE’s plans are well established – it will set up a new subsidiary in Belgium to be known as QBE Europe. However, now the Australia-based insurer has received a license from the National Bank of Belgium ensuring it can continue to enjoy passporting rights across the EEA.
“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 Richard Pryce, CEO of QBE European operations. “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.”
QBE is now set to leverage its base in Brussels and will have branches in Denmark, France, Germany, Italy, Spain, Sweden, the UK and Bermuda with underwriting to commence from quarter four this year.