The international insurance giant QBE has today announced the sale of select Irish casualty commercial insurance portfolios to the Ascot Group via a renewal rights transaction.

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In a Press release, the insurer noted that the sale follows its decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business. The transaction will see Ascot offering renewal terms on the portfolios, while existing back book policies will remain with QBE.

Commenting on the deal, Cécile Fresneau, managing director, insurance, said the group is “very pleased” with this outcome, having spent several months investigating the most suitable home for the business. Together with Ascot, she said, QBE is committed to working closely with its broking partners on the renewal of the portfolios in order to minimise disruption for existing customers.

Andrew Brooks, CEO of Ascot Group, also commented on the deal and said: “We’re pleased to assume the renewal rights for this business from QBE. We believe this provides the best possible outcome for clients and brokers who will benefit from a consistent and smooth transition to Ascot. We welcome these new insureds to Ascot, and look forward to providing them with the high-quality underwriting and service for which Ascot is known.”

QBE highlighted that it will continue to manage and provide ongoing services across all policies until Ascot offers renewal terms.