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Belgium's central bank grants license to QBE's new subsidiary

QBE Insurance Group Ltd.'s new Belgian subsidiary, QBE Europe SA/NV, has received a license from the National Bank of Belgium.

This preserves QBE's passporting rights across the European Economic Area amid the process of the U.K.'s departure from the European Union.

QBE Europe plans to leverage its base in Brussels to ensure a smooth transition of its services to customers across Europe. It will have branches in Bermuda, Denmark, France, Germany, Ireland, Italy, Spain, Sweden and the U.K.

The subsidiary plans to start underwriting operations in the fourth quarter.