Swiss Re has agreed to buy the global trade credit and surety business of Australian insurer QBE.
Swiss Re said QBE’s portfolio is expected to bring in annual revenues of around US$200mn and will strengthen its offering to customers of its Corporate Solutions division.
No financial details of the transaction, or future leadership of the combined business, were disclosed. Veronica Assandri Foldnes is currently Swiss Re’s global head of commodity, trade and sovereign credit.
“This acquisition marks an important milestone for Swiss Re Corporate Solutions,” said Ivan Gonzales, the Zurich-headquartered company’s head of corporate solutions.
“It allows us to expand our offering in this attractive segment by strengthening our global credit and surety platform with a well-managed, profitable portfolio and a highly experienced team. We are excited to build on QBE’s market-leading capabilities as we continue to differentiate our offering to help corporate clients navigate the evolving risk landscape.”
QBE chief executive Andrew Horton said divesting the trade credit and surety portfolio “supports our ongoing strategic focus on optimising our portfolio, enabling the reallocation of capital and resources towards growth opportunities that align more closely with QBE’s long-term strategy”.
The deal is subject to regulatory approvals and other closing conditions, which QBE said are likely to take several months to complete.
