QBE and Brit deal - broker reaction

Brokers reacted positively today to QBE’s acquisition of Brit UK’s renewal rights.

However, QBE was warned that any attempt to dismantle the Brit UK management team would not be looked upon favourably.

Brokerbility chief executive Ashwin Mistry said: “It was the worst-kept secret that something was going to happen. They had closed their doors to commercial to take their mind off the day to day trading, that at least leaves the beginning of the journey.”

He added: “The one positive is that they made a statement, which is good from our point of view because Brit are a good SME player, as long as they retain a fair proportion of the quality team, there are possibly opportunities for us to now work closer with the revised organisation. What we need now is clarity. If they do dismantle the team and get rid of some of the quality people that Brit have got, then I’m sorry to say we’re back to square one.”

Bluefin chief executive Stuart Reid said: “We are very happy with it. We enjoy a very good relationship with Brit and QBE. They have been very ambitious in the UK. Combining two players that have not been seen in the premier league gives them an opportunity to move up a gear. QBE is going for a big market share in the UK and this will let them further their ambitions. This will help get them nearer the premier league.”

For more on the QBE/Brit deal, read our briefing: QBE and Brit: perfect partners?