Swiss Re to acquire QBE’s trade credit and surety business

Swiss Re Corporate Solutions plans to acquire the Global Trade Credit and Surety business of QBE Insurance Group, subject to regulatory approval.

The portfolio, which generates about $200 million in annual revenue, includes operations and teams in Australia, New Zealand, and the UK. The business provides coverage that protects companies against payment defaults and performance risks tied to accounts receivable.

The acquisition is intended to expand Swiss Re Corporate Solutions’ primary credit and surety capabilities and diversify its commercial insurance portfolio. Financial terms were not disclosed, and closing is expected to take several months pending regulatory approvals.

“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.” – Swiss Re Corporate Solutions CEO, Ivan Gonzalez.