QBE’s Belgian subsidiary granted regulatory approval

QBE’s new Belgian subsidiary has been granted a licence by the National Bank of Belgium (NBB).

QBE Europe will begin underwriting in Q4 2018.

The regulatory approval of the subsidiary means that QBE will retain its passporting rights post-Brexit.

The insurer already has a presence in Brussels and intends for QBE Europe to operate branches in Bermuda, Denmark, France, Germany, Ireland, Italy, Spain, Sweden and the UK.

Richard Pryce, chief executive of QBE European Operations, said: “Our priority throughout the Brexit process has been to provide seamless continuity and certainty for our customers and staff, whatever the final terms of the UK’s exit. I am delighted that our Brexit programme is on track and that we have reached this important stage in our plan to continue to provide a full service capability offering to our customers.”