A UK court has approved the restructure of QBE’s global reinsurance operations.

QBE Reinsurance (Europe) in Dublin and Secura NV in Belgium will become branch offices of QBE Re (Europe) from September 30. They will benefit from QBE Re’s consolidated capital base of €536 million ($661 million), the company says.

Standard & Poor’s will assign QBE Re (Europe) an A+ financial strength rating when the merged operation becomes effective.

The restructure was announced in March (see earlier story) and brings QBE Insurance Group’s treaty reinsurance operations together in a single global division.

QBE Re will operate across three underwriting platforms: QBE Re (Europe), Syndicate 566 and QBE Reinsurance Corporation (Americas).

The group will write property and casualty business, plus specialty lines including aviation and space, personal accident and marine.

QBE Re Chief Underwriting Officer Jonathan Parry says the simplified structure and “excellent” financial strength rating will benefit brokers and clients.