Firm to move function outside of London and overseas
QBE has announced it is entering into a major outsourcing project of its IT capabilities and there will be significant redundancies.
Steven Burns, chief executive of QBE’s European operations, said the IT infrastructure was complex and support functions would be moved outside of London and abroad. He added that QBE was currently in talks with four to five key strategic partners and the consultation period over staff would be conducted until the end of September.
The news came after QBE released its half-year results. Profit after tax increased a “record” 19% to $1.02bn while GWP rose 22% to $8.06bn.