QBE in redundancy talks with four staff as it stops renewing proportion of business
QBE Europe is scaling back business at its SME underwriting business Evergreen, while four staff are in redundancy talks, Insurance Times understands.
The insurer is winding down some of its business, although a spokesman would not say how much business was being scaled back. QBE said it had no plans to put Evergreen into run-off.
QBE bought the brand and renewal rights of the Evergreen portfolio in December 2009 from Munich Re-owned Beaufort Underwriting Agency.
According to a note on the Evergreen website, Evergreen is set to complete a re-branding to QBE with effect from 15 December 2010.
A QBE spokesman said: "We are currently in consultation with four employees from our London SME portfolio and are using best endeavours to retain them.
"QBE has retained all business that has met its underwriting standards, although it has not renewed business that did not meet its underwriting standards."
For more, read next week's issue of Insurance Times.
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