January 02, 2019
QBE European Operations, part of the QBE Insurance Group, has implemented its post-Brexit plans, following its Part VII transfers that are coming into effect on 1 January 2019.
A Part VII transfer is a court-sanctioned legal transfer of some or all of the policies of one company to another.
QBE said its post-Brexit restructuring plans were approved by High Court during a hearing in December 2018.
The plans will ensure continuity of service for its 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.
In the meantime, 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.
David Winkett, chief financial officer (CFO) for QBE Europe stated: “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.”