TUESDAY, SEPT 11: Minister of Economy, Trade and Industry Patrice Minors announced today that QBE, an Australian-based global insurance and reinsurance company, has made the decision to move its wholly owned captive reinsurer, Equator Reinsurances Ltd, from Dublin to Bermuda.

With 16,000 employees worldwide, QBE is ranked among the top 20 global reinsurers 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.”