Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, is to acquire the global trade credit and surety business of QBE Insurance Group.
The acquisition, which is subject to regulatory approvals, will strengthen Swiss Re Corporate Solutions’ primary credit and surety insurance offering and expand its capabilities to address the risk management needs of corporate clients.
The transaction supports Swiss Re Corporate Solutions’ strategic ambition to diversify its portfolio and capture new growth opportunities.
Swiss Re Corporate Solutions CEO, Ivan Gonzalez, said: “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.”
The transaction is subject to various closing conditions including regulatory approvals, which are likely to take several months.
During this phase, Swiss Re Corporate Solutions will work closely with QBE to ensure continuity for policyholders, brokers, and team members.
QBE’s global trade credit and surety business operates through an experienced team with a presence in Australia, New Zealand, and the UK.
The portfolio is expected to generate revenues of approximately $200mn.
tom.dunstan@ft.com
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