QBE Group, the global insurer and reinsurer, has entered into an agreement to divest its Global Trade Credit and Surety business to Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group. QBE’s French Bonds business does not form part of this transaction.
QBE’s Global Trade Credit and Surety business operates across Australia Pacific and the UK supported by a highly experienced team of industry specialists. This business plays a critical role in helping companies manage payment and performance risk arising from their accounts receivable, and has been a longstanding, trusted offering for commercial customers.
Andrew Horton, Chief Executive Officer of QBE Group said, “Our decision to divest QBE’s Global Trade Credit and Surety business to Swiss Re Corporate Solutions 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.”
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations globally, backed by the financial strength of the Swiss Re Group, one of the world's leading reinsurers.
Jason Harris, Chief Executive Officer of QBE International said, “Swiss Re Corporate Solutions is approaching this opportunity with ambition and enthusiasm, seeking our market insights, talent pool and delivery know‑how to help accelerate growth in the business.”
QBE and Swiss Re Corporate Solutions are focused on supporting the needs of employees, customers and partners throughout this transaction.
It is important to note that completion of the transaction is subject to various closing conditions including regulatory approvals, which is likely to take several months.
-ENDS-
For more information, see Swiss Re’s media release: www.swissre.com/media/press-release
