Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 16th of January 2018
October 27, 2010

Approval for QBE’s Belgian Secura acquisition

by Gill Montia

Story link: Approval for QBE’s Belgian Secura acquisition

Australian insurer, QBE, has announced that its acquisition of Secura NV, the Belgium-based specialist reinsurer, has received approval from the Belgian regulator.

The deal will complete on 2nd November and Standard & Poor’s has affirmed Secura’s financial strength rating at “A”, with outlook “Stable”, reflecting that of the QBE Group.

Secura will form part of QBE’s European reinsurance division but will continue to operate as a separate brand domiciled in Belgium.

Commenting on the acquisition, QBE managing director reinsurance division European operations, Jonathan Parry, says: “We are very pleased that the Secura deal has been approved as it is an excellent strategic fit with QBE’s existing reinsurance portfolio.

He adds: “Secura brings further diversity to our reinsurance business, in terms of the client base, expertise of the team, and the product and geographic split.”

In December, QBE acquired the brand and renewal rights of the Evergreen portfolio from Lloyd’s managing agency, Beaufort.

 

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