QBE acquires two motor insurance businesses

| July 13, 2007 | 0 Comments

QBE Insurance Group, Australia’s largest international general insurance & reinsurance group, has acquired 2 motor insurance businesses in Switzerland - HP Jenni & Partner and Anex Jenni & Partner. These will now form part of QBE’s European offering. Together, they contain a motor income in the region of €8.5m (£5.7m).

The purpose is to combine both businesses to form QBE Switzerland which will be a division of QBE Insurance (Europe) which is anticipated to commence underwriting from January 2008.

A spokesperson for QBE European Operations commented that the acquisition of the 2 motor insurance businesses is a step in the right direction.

In addition, QBE European Markets commented that this opportunity will enhance their presence in Switzerland and are optimistic that they can expand their product offering.

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