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High Court approves QBE's Brexit-driven restructuring plan

The High Court has approved QBE European Operations' restructuring plan, which is part of its preparations for Britain's departure from the European Union.

The decision comes a few months after QBE Insurance Group Ltd.'s new Belgian subsidiary, QBE Europe SA/NV, secured a license from the National Bank of Belgium.

Under the plan, QBE Insurance (Europe) Ltd. will move the general insurance business written through its European branch network to QBE Europe SA/NV. QBE Re (Europe) Ltd. will also transfer the reinsurance business written through its Belgian, Bermudan and Irish branches to the new Belgian entity.