Insurance Jottings

Qatar Re closes curtain on energy book as retrenchment continues

On the 7^th January it was announced that Qatar Re has exited the energy market as the carrier continues to streamline its business.

International Group unveils revised reinsurance structure

The International Group of P&I Clubs has revised the structure of its reinsurance programme for the 2019/20 policy year, with changes including the introduction of a US$100 million annual aggregate deductible (AAD) in the first layer of the programme.

Individual club retentions will remain unchanged, with the attachment point for the group’s excess-of-loss programme remaining at US$100 million.

Hydra, the group’s captive, will continue to retain 100% of losses between US$30 million and US$50 million, and 92.5% of losses between US$50 million and US$100 million.

DAC Beachcroft opens new office in Paris

Law firm DAC Beachcroft has opened an office in Paris, which will focus on the global and domestic insurance and industrial risks sector.

The new office will be led by partners Vladimir Rostan d’Ancezune and Christophe Wucher North.

It will complement the firm’s existing international presence, which is comprised of 11 UK locations, as well as offices in Ireland, Spain, the US, Singapore, Mexico, Colombia and Chile.

Chubb Europe completes move from London to France ahead of Brexit

Chubb European Group has confirmed it has redomiciled its businesses fromLondontoFranceeffective the 1^st January, consistent with its previously announced Brexit preparations.

QBE implements post-Brexit plans

QBE Insurance (Europe) Limited, now called QBE UK Ltd, has moved the general insurance business written through its European branch network; and QBE Re (Europe) Ltd moved its entire reinsurance business (written through its Belgian, Bermudan and Irish branches) to QBE’s new Belgian (re)insurance entity, QBE Europe SA/NV.

QBE was one of the first (re)insurers to receive approval for its post-Brexit subsidiary after its Brussels-based entity, QBE Europe SA/NV, was authorised by the National Bank of Belgium in May 2018.

This authorisation was then followed up with publicly assigned Insurer Financial Strength ratings for QBE Europe of A+ (stable) from both Standard & Poor’s and Fitch and A from AM Best.