KBC, an integrated bancassurance group, has completed the sale of reinsurance company Secura to Austrlia-based QBE Insurance Group, as announced on 5 July 2010.
The sale price amounts to €267m plus gains realised on the investment portfolio and earnings for 2010 up to the completion date. The capital release amounts to €139m, based on an estimate of the gains and profit for the year.
Effective 2 November, the parental guarantees provided by KBC Insurance to Secura has been terminated. New and renewal insurance contracts will now be guaranteed by QBE International Holdings (UK).
KBC Belgium business unit CEO Johan Thijs said, the closure of this transaction is a new important step in the implementation of strategic plan in which the KBC group focuses on its core bancassurance expertise in its home markets and on a further reduction of its risk profile.
QBE European Operations CEO Steven Burns said, Secura will add considerable value to both QBE’s reinsurance capabilities and presence in Europe.
Its operations are highly complementary to our existing reinsurance business, and we look forward to growing the Secura franchise under our ownership, Burns said.
KBC is a bancassurer that focuses on its home markets in Belgium and Central and Eastern Europe (Czech Republic, Slovakia, Poland, Hungary and Bulgaria).