Australia domiciled insurer QBE has taken a major step in securing continued passporting rights across the European Economic Area (EEA) post-Brexit, after its new Belgian subsidiary, QBE Europe SA/NV (QBE Europe), was granted a license by the National Bank of Belgium (NBB).
QBE Europe will leverage the existing base that QBE has in Brussels to ensure service for its re/insurance customers throughout Europe will experience a seamless transition.
According to an announcement, QBE Europe will have branches in Bermuda, Denmark, France, Germany, Ireland, Italy, Spain, Sweden and the UK, with the firm intending to commence underwriting in Q4 2018.
Chief Executive Officer (CEO) of QBE European Operations, Richard Pryce, said, “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.
“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.”
