QBE UNVEILS ACQUISITION DEAL WITH PMI

Australia’s QBE has reached an agreement in principle to acquire Hong Kong-based PMI Asia. The deal was announced as PMI revealed it was selling its Australian mortgage insurance subsidiary and related Australian holding company to QBE in a A$1.027bn deal. The net tangible assets of PMI Asia were around US$55m. Full details of the PMI Asia deal will be confirmed once a definitive agreement between the companies has been finalised. PMI Australia is made up of the former Australian operations of AMP Limited, which it bought in 1999 and the former Australian mortgage insurance company of CGU that PMI bought in 2001.