In keeping with its plans to expand its Asian operations, QBE has purchased Allianz General Insurance (Vietnam) to boost its presence in the Vietnamese market.

QBE Regional GM for Asia Mike Goodwin told Sunrise Exchange News the move fits with the company’s acquisition strategy.

“The acquisition is part of our longer term strategy and commitment to Vietnam and Asia allowing us to continue to develop stronger relationships with agents and brokers,” he said.

Allianz Asia CEO Bruce Bowers says while the German insurer recognises the Vietnamese market offers growth opportunities, it wants to focus its efforts on “strategic priorities”.