QBE Re to launch as Class 4 reinsurer

QBE Re, the reinsurance arm of QBE, will be licensed to operate as a Class 4 reinsurer on Bermuda in 2015 and will write property and casualty treaty business.

QBE recently announced its plan to launch on Bermuda, through the creation of a branch of QBE Re (Europe).

Heading the Bermuda operations will be Erik Soria who is transferring from QBE Re’s New York office. Soria will report to Jonathan Parry, chief underwriting officer, QBE Re, who is based in London.

Parry said: “With QBE Re now firmly established following its launch in 2012, we have taken the decision to enhance our distribution base and access locally the business that emanates from this important market. Our branch in Bermuda will complement our existing operations in London, Dublin, New York and Brussels, and will provide an additional platform for growth as we develop and scale up our business worldwide.”