QBE Insurance Doesn't Expect Day-to-Day Changes with UK Vote

   By Robb M. Stewart

MELBOURNE, Australia--Britain's vote to exit the European Union may mean QBE Insurance Group Ltd. (QBE.AU) has to change how it handles some insurance premiums in Europe but isn't expected to have any material impact on its day-to-day insurance operations, the Australian company said Monday.

The outcome of last week's U.K. referendum may require that QBE Insurance revises its approach to about GBP500 million (US$684 million) of insurance and reinsurance premiums that currently are sourced from EU-member countries and written at branches of U.K. regulated entities under what are known as passporting rules.

If the EU passporting rules aren't preserved with Britain's departure from the EU, it may require QBE Insurance to establish licensed EU entities, it said.

The company said it's expected to take at least two years for the U.K. to give up its EU membership, and that's ample time for any needed administrative changes and to ensure service to European customers is uninterrupted.

"Thus our ability to source business from EU member countries remains unchanged," it said in a statement.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

June 26, 2016 19:57 ET (23:57 GMT)

QBE Insurance (PK) (USOTC:QBIEY)
Historical Stock Chart
From Nov 2024 to Dec 2024