Deal will also see aviation team move with the portfolio

QBE has sold the renewal rights of its Lloyd’s aviation portfolio to Brit.

The deal will include the transfer of QBE’s London-based aviation team to Brit and is expected to be completed by the start of June.

QBE chief executive Richard Pryce said: “We thoroughly investigated the options available to identify the most suitable home for our aviation business and the team. Our overriding objectives were twofold: to ensure continuity of employment for affected employees and to minimise disruption to brokers and clients during the transition.

“Brit has a strong reputation in the London market and, with minimal existing aviation business, provides the potential for the team to grow the business.”