QBE

QBE insurance has acquired the remaining 25.1% of trade credit insurer QBE Trade Indemnity (QBETI) from the Euler Group. The purchase price was not disclosed but is understood to be around A$20mn (US$11.6mn). The decision to buy the balance of QBETI from Euler does not mean that the company plans to cut ties with the Europe-based company; the two groups are expected to enter into a co-operation agreement for the sharing of risk information and related services. QBETI controls around 60% of the credit insurance market in Australia and New Zealand.