QBE to launch reinsurance operations in Bermuda

QBE Re, the reinsurance arm of insurer QBE, will launch operations in Bermuda at the beginning of 2015.

The insurer confirmed it had received permission to open an office on the island in a QBE Europe investor presentation.

The insurer said that property lines were a challenging market in all territories, with too much capacity chasing too little business but added that the opening of its Bermuda branch is an opportunity to build out its distribution platform.

It added that there were plans to develop a new hub in Miami for Latin America specialty large accounts.