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QBE Insurance Group Limited (ASX:QBE) has inked a deal to divest its North America’s US agency businesses for $US300 million.
The insurance company plans to sell the businesses, including Community Association Underwriters, Deep South and SIU, to Alliant Insurance Services Inc.
Alliant Insurance Services will make an up-front cash payment of $US217 million to QBE and pay the remainder of the funds through an earn-out agreement over the next five years.
QBE says the sale is expected to close early February and an important element of the deal is a long term agreement to retain the underwriting business provided by the agencies.
QBE Insurance Group reported a net profit of $420.38 million in the first half of the 2014 financial year.
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Last
$20.24 |
Change
-0.265(1.29%) |
Mkt cap ! $30.47B | |||
| Open | High | Low | Value | Volume |
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| QBE (ASX) Chart |