Edition:
United Kingdom

QBE Insurance Group Sells Latin American Ops To Zurich Insurance Group ​


Sunday, 25 Feb 2018 

Feb 26 (Reuters) - Qbe Insurance Group Ltd ::‍QBE ANNOUNCES SALE OF LATIN AMERICAN OPERATIONS​.PROFIT ON SALE BEFORE TAX ESTIMATED AT AROUND $100 MILLION.‍SALE WILL POSITIVELY IMPACT GROUP'S APRA PCA MULTIPLE AND S&P CAPITAL POSITION DUE TO PROFIT ON SALE​.ESTIMATED AGGREGATE CONSIDERATION FOR DEAL IS $409 MILLION SUBJECT TO CLOSING ADJUSTMENTS.‍TRANSACTIONS ARE SUBJECT TO REGULATORY APPROVALS IN EACH JURISDICTION AND ARE EXPECTED TO CLOSE BY END OF 2018​.QBE PUERTO RICO TO BE RETAINED BY QBE TO FACILITATE SERVICING OF CLAIMS RESULTING FROM HURRICANE MARIA.‍ENTERED INTO AGREEMENTS WITH ZURICH INSURANCE GROUP FOR SALE OF ITS OPS IN ARGENTINA, BRAZIL, COLOMBIA, ECUADOR AND MEXICO​.‍SALE WILL LOWER RISK CHARGES AND DISPOSAL OF APPROXIMATELY $42M OF GOODWILL AND INTANGIBLE ASSET​.