Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, is set to acquire Australian insurer QBE’s Global Trade Credit and Surety business, subject to regulatory approvals, which are expected to take some months.
The business unit being acquired by Swiss Re operates across Australia, New Zealand, and the UK, with the portfolio expected to generate approximately $200 million in annual revenues.
QBE’s Global Trade Credit and Surety business is led by an experienced team of industry specialists.
Globally, this segment of the insurance market generates around $19 billion a year in premium, and Swiss Re believes that there is continued growth potential driven by heightened economic uncertainty, more complex supply chains, and rising demand for sophisticated risk transfer solutions.
Once closed, 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 transaction aligns with the firm’s ambition to diversify its portfolio and capture new growth opportunities.
Swiss Re Corporate Solutions aims to work closely with QBE to ensure continuity for policyholders, brokers, and the team members, who are a key part of this transaction.
No financial details of the transaction are being disclosed.
Ivan Gonzalez, Chief Executive Officer (CEO), Swiss Re Corporate Solutions, commented, “This acquisition marks an important milestone for Swiss Re Corporate Solutions. 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.”
Andrew Horton, CEO, QBE Group, added, “Our decision to divest QBE’s Global Trade Credit and Surety business to Swiss Re Corporate Solutions supports our ongoing strategic focus on optimising our portfolio, enabling the reallocation of capital and resources towards growth opportunities that align more closely with QBE’s long-term strategy.”
Jason Harris, CEO, QBE International, said, “Swiss Re Corporate Solutions is approaching this opportunity with ambition and enthusiasm, seeking our market insights, talent pool and delivery know‑how to help accelerate growth in the business.”
