Swiss Re / QBE Insurance's Trade Credit and Surety businessMN-40015

Parties

Summary

Swiss Re International SE acquired QBE Insurance Holdings Pty Ltd's Credit & Surety business assets, including data, employees, and renewal rights. This asset sale in the general insurance sector involves non-payment, trade credit insurance, and surety bonds. The transaction has been approved.

Acquisition details

Swiss Re International SE ( Swiss Re ) proposes to acquire certain assets from QBE Insurance Holdings Pty Ltd ( QBE ) relating to its Credit & Surety business ( QBE’s TC&S Business ), including data, employees and renewal rights (the Acquisition ). Swiss Re provides insurance, reinsurance and risk transfer solutions to mid to large-sized corporate customers. In Australia, Swiss Re provides a range of property and casualty insurance products, including non-payment insurance for banks, surety bonds and claims management services. QBE is an Australian-based provider of a broad range of insurance and reinsurance products to personal, business, corporate and institutional customers. QBE’s TC&S Business provides: non‑payment insurance (also known as trade finance insurance) which insures commercial banks and financial institutions against the risk of counterparties’ non‑payment of loans, guarantees or letters of credit. trade credit insurance which insures corporate customers against the risk of non-payment of trade receivables arising from credit sales. surety bonds which involve providing a financial guarantee that a party will fulfill a contractual, statutory, or financial obligation with the insurer committing to intervene if the insured party fails to do so.