QBE set to snap up reinsurer Secura
AUSTRALIAN INSURER QBE has announced the acquisition of specialist Belgian reinsurer Secura from KBC Group for €267m (£221m).
The deal, which is set to be completed by 31 August, is subject to regulatory approval, with Secura’s 2010 gross premium expected to be around €200m. The purchase price reflects tangible assets of €205m.
Secura will form part of Australian insurer QBE’s European operations reinsurance division, which is headquartered in London.
Frank O’Halloran, QBE group chief executive officer, said: “We have known Secura for many years. They have a unique client base, a long track record of profitability and an excellent team of experienced insurance professionals.”
Secura is a specialised European reinsurer with a diverse customer portfolio including property, motor, casualty and specialist classes. The company works out of Brussels and employs 86 staff.
The company works on a stand-alone basis within the KBC group and contributed €28.6m to net profit.
The deal forms part of KBC’s continued strategy to focus on core bancassurance expertise in its home markets within Europe.