QBE opts for Brussels EU base

Last month QBE said it would establish a EU HQ outside of the UK as a result of Brexit so it can secure passporting rights to the rest of the continent; the subsidiary is expected to be up and running by the end of 2018 and be ready for 2019 renewals.

QBE has over 70 employees in Brussels and said the number of roles in London would remain the same.

Richard Pryce, CEO of QBE’s European, stressed it was business as usual across Europe. He commented: “Brussels is pretty compelling for us as our biggest existing European business is in Belgium.” He added Belgium has a stable regulatory regime and is at the centre of Europe.

Pryce explained: “We have a well established business in Brussels and we expect to utilise our existing talent in Brussels to take up key roles within the newly formed company. The National Bank of Belgium has been very constructive and supportive of our implementation timetable.”

The move will impact QBE Insurance Europe, QBE’s reinsurance arm and the company’s Lloyd’s businesses. QBE has 1950 employees across 16 countries in Europe.

Lloyd’s chose Brussels for its EU base earlier in March; while RSA has opted for Luxembourg.