QBE shares have fallen more than six per cent after the insurer said it could move business out of the UK if passporting rules are changed in the wake of the country's vote to leave the EU.
QBE, which writes about $US500 million ($A673 million) of insurance and reinsurance from across the EU through UK-regulated companies, says the so-called Brexit won't have a material impact on its day-to-day business - but warned that could change.
"Should EU passporting rules not be preserved, QBE will be required to renew this business into newly established licensed EU entities," said QBE, whose shares were down 69.5 cents, or 6.29 per cent, to $10.27 at 1020 AEST.
