QBE European Operations, part of the QBE Insurance Group, has announced the implementation of its post-Brexit plans after its Part VII transfers came into effect in the New Year.
A Part VII transfer is essentially a court-sanctioned legal transfer of some or all of the policies of one company to another
QBE says its post-Brexit restructuring plans received High Court approval during a hearing in December.
This enables continuity of service for its insurance and reinsurance customers across the European Union.
As part of the restructuring, QBE Insurance (Europe) Limited, now called QBE UK Ltd., has moved the general insurance business written through its European branch network.
Meanwhile, QBE Re (Europe) Limited moved its entire reinsurance business (written through its Belgian, Bermudan and Irish branches) to QBE’s new Belgian (re)insurance entity, QBE Europe SA/NV.
“We are pleased that our post-Brexit plans have been approved by the High Court and the Part VII transfers have completed. Irrespective of the outcome of the Brexit negotiations, we go into 2019 knowing our customers across the European Union can rest assured of an uninterrupted service,” stated David Winkett, Chief Financial Officer for QBE Europe.
