Australia-based QBE Insurance Group has received an approval from the Belgian regulator CBFA for its acquisition of a reinsurance firm Secura.
Upon completion of the transaction, Secura will form part of QBE European Operations’ Reinsurance division, while continuing to operate as a separate brand domiciled in Belgium to service its established client-base throughout continental Europe.
QBE European Operations managing director for reinsurance division Jonathan Parry said, Secura brings further diversity to QBE’s reinsurance business, in terms of the client base, expertise of the team, and the product and geographic split.
Secura managing director Luc Boghe said, CBFA’s approval of the acquisition of Secura by QBE provides an excellent opportunity to develop the business to meet Secura clients’ increasing needs in the reinsurance market.
The deal is scheduled to be closed on 2 November 2010.