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QBE Re to open Bermuda office

Australia-domiciled QBE's reinsurance arm has received permission from the Bermuda Monetary Authority to open an office on the island, the firm revealed in an investor presentation on 14 October.

The carrier said it would open the new branch on 1 January 2015.

The office will write using the $1.4bn capacity shared by the rest of QBE Re. Initially, it will be staffed by just one underwriter writing property and casualty business.

It is hoped the new platform will give QBE access to business that is 100 percent written on the island.

QBE Re said it was facing a challenging market globally, "with too much capacity chasing too little business", but added it was confident it would have the opportunity to grow its pro-rata property book "over time".

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