QBE Europe Buys Lloyd’s Services Company Evergreen

QBE European Operations, a unit of Australia's QBE Insurance Group Ltd., said it bought the brand and renewal rights of the Evergreen portfolio from Beaufort Underwriting Agency Ltd., which is owned by Munich Re.

According to QBE Europe, the purchase will help it expand its property business and its U.K. national capabilities.

Bernard Mageean, managing director of property for QBE European Operations, said in a statement that the Evergreen business model will support the growth of QBE's property business as it aims for a top-five position in the U.K. market.

QBE European Operations accounts for nearly 40% of QBE Group turnover. It is a specialist in the London market and European commercial lines. The unit is active in both the Lloyd's and company market. It has eight product-focused underwriting operations: casualty, QBE Re Europe, property, motor, marine & energy, specialty and aviation.

According to Beaufort, Evergreen Underwriting Services Ltd. acts exclusively as a service company for Lloyd's MSF Pritchard Syndicate 318, providing "a panel of regional brokers with a sustainable alternative market to the traditional U.K. composite insurers for small commercial combined insurance business."

(By David Pilla, international editor, BestWeek: David.Pilla@ambest.com)