CANBERA (dpa-AFX) - Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Ltd (SSREY.PK, SREN.SW), has decided to acquire the Global Trade Credit and Surety business of QBE Insurance Group Ltd.(QBEIF.PK, QBE.AX) for an undisclosed sum.
'The acquisition 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 Group said.
The transaction is subject to regulatory approvals, which are likely to take several months.
QBE's Global Trade Credit and Surety business operates in Australia, New Zealand, and the UK. The portfolio is expected to generate annual revenue of around $200 million.
This specialty insurance business supports the companies to handle payment and performance risk from their accounts receivable.
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