QBE announced the sale of select Irish casualty commercial insurance portfolios to the Ascot Group via a renewal rights transaction.
The sale follows QBE’s decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business.
The deal will see Ascot offering renewal terms on the portfolios, while existing back book policies will remain with QBE. QBE will continue to manage and provide ongoing services across all policies until Ascot offers renewal terms.
“We are very pleased with this outcome having spent several months thoroughly investigating the most suitable home for this business. Together with Ascot, we are committed to working closely with our broking partners on the renewal of the portfolios in order minimise disruption for our existing customers,” commented Cécile Fresneau, managing director, Insurance, QBE European Operations.
“We’re pleased to assume the renewal rights for this business from QBE. We believe this provides the best possible outcome for clients and brokers who will benefit from a consistent and smooth transition to Ascot,” said Andrew Brooks, CEO of Ascot Group. “We welcome these new insureds to Ascot, and look forward to providing them with the high-quality underwriting and service for which Ascot is known.”
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