Australia headquartered insurer QBE has announced the sale of select Irish Casualty commercial insurance portfolios to the Ascot Group via a renewal rights transaction.
The sale follows QBE’s decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business.
Under the terms of the deal, Ascot will offer renewal terms on the portfolios, while existing back book policies will remain with QBE.
“We are very pleased with this outcome having spent several months thoroughly investigating the most suitable home for this business,” said Cécile Fresneau, Managing Director, Insurance at QBE.
“Together with Ascot, we are committed to working closely with our broking partners on the renewal of the portfolios in order minimise disruption for our existing customers.”
Andrew Brooks, CEO of Ascot Group, also commented: “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 stipulated that it will continue to manage and provide ongoing services across all policies until Ascot offers renewal terms.
Although QBE plans to withdraw from some Irish business, the firm is still eyeing further expansion in Europe, having set up a new branch in the Netherlands for this purpose back in June.