HQ ‘well advanced’

INSURANCE giant QBE says it is is “well advanced” on plans to establish a new European headquarters outside of London after the UK government began the formal process of leaving the European Union.

QBE chairman Marty Becker says the Australian firm, whose European business is based in central London and contributes about a third of the group’s revenue, expects to have concluded negotiations for a new location ahead of 2018 renewals.

“We need to prepare our business for this reality, and we are doing so on the assumption the existing access arrangements enjoyed by UK-domiciled insurers to the other 27 European Union countries will not be preserved,” Mr Becker said.

QBE had 14,226 staff around the world at December-end, 1943 of them with its European operations.