Equator Re Moves From Dublin To Bermuda
Today, the Minister of Economy, Trade and Industry Patrice Minors announced that QBE, an Australian based global insurance and reinsurance company has made the decision to move its wholly owned captive re-insurer, Equator Reinsurances Ltd. from Dublin to Bermuda.
The company has been established here for many years, and the announcement spoke to the significance of the move of its captive re-insurer operation from Dublin to Bermuda.
With 16,000 employees worldwide, QBE is ranked among the top 20 global re-insurers and insurers. In 2011, QBE’s gross written premium was US$18.3 billion.
“We’re humbled that QBE has chosen to re-domicile this business in Bermuda,” Minister Minors said. “It’s a testament to hard work by many in Government and the private sector that they’ve chosen to expand their Bermuda operations.”
Minister Minors concluded, “Bermuda remains a highly competitive, well regulated jurisdiction that is holding and attracting the world’s top re-insurers. We welcome Equator Reinsurances Ltd. to Bermuda and look forward to working with them for years to come!
“Bermuda hasn’t been immune from the global economic crisis, but, we are orchestrating our journey through these tough economic times with undying commitment. While we have more work to do, Equator Reinsurances Ltd. opening its doors is a welcome sign.”
Wow things must be REAL bad in Dublin.
……………..Now Minister, tell the public the following:
- will this redomestication lead to new jobs?
- will this redomestication simply be managed by one of the existing Insurance Managers who administer dozens of Captive Insurers with their existing accounting and client service team?
- Is Equator Re currently managed by a Captive Manager in Dublin?
Please withdraw this Statement if Equator Re’s redomestication is not a wholesale transfer of staff etc.
Minister shouldnt you be out canvassing? Oh sorry I forgot, you will be put in the Senate after losing Constituency Number 7 or is it 10?
Bottom line: How many employees will be based in Bermuda?
Obviously not many jobs here or she would have said so. Just pre-election deceitfulness.
It’s an in-house captive reinsurer for QBE’s own business. I’d imagine it will be handled by an existing management company. As others have said, if any jobs were coming it would have been in the announcement.
Patrice
you are about to get booted out by Mr Dunkley, wouldnt it be better to not make silly statements so you can apply for work at Equator Re, a captive that is being domiciled here and will be managed in house by an insurance manager
why would you make this statement Minister?”??? there are NO JOBS coming as a result of this, furthermore this info would have come to you via the BMa insurance licensing division, did the Business Plan or 5 year projection mention JOBS?????????
Come on Minister Minors, give us the truth, the full story Lady