QBE Signs Renewal Rights Agreement For Brit Regional Operations In UK
April 03 2012 - 10:08PM
Dow Jones News
QBE Insurance Group Ltd (QBE.AU) has bought the renewal rights
of the U.K.'s Brit Insurance operations in a move that will expand
its European footprint.
QBE's incoming chief executive, John Neal, said at the
Australian insurer's annual general meeting on Wednesday that the
acquisition of renewal rights on GBP350 million of regional premium
income is expected to boost QBE's U.K. market share to 5% by
2013.
The transaction was signed "last night," said Frank O'Halloran,
QBE's current chief executive, and is expected to be completed by
April 13.
-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689;
caroline.henshaw@dowjones.com
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