QBE makes it 99
QBE Australia’s CEO Frank O’Halloran is one acquisition away from his coveted “century” target after the purchase of Mexican commercial insurer Cumbre Seguros.
The insurer says the purchase price was a low multiple of the Mexican insurer’s net tangible assets, estimated at $US26 million ($34 million).
The acquisition is subject to regulatory approvals.
Cumbre Seguros is a commercial lines insurer of small and medium-sized clients, with offices in Mexico City, Guadalajara and Monterrey. The company had $US57 million ($74 million) of gross written premium last year.
Mr O’Halloran says the acquisition of Cumbre Seguros is in line with the insurer’s strategy of gradually building its presence in Latin America.
“QBE will now write over $US200 million ($259 million) of general insurance premium income in Argentina, Brazil, Colombia and Mexico,” he said.
The insurer says the purchase price was a low multiple of the Mexican insurer’s net tangible assets, estimated at $US26 million ($34 million).
The acquisition is subject to regulatory approvals.
Cumbre Seguros is a commercial lines insurer of small and medium-sized clients, with offices in Mexico City, Guadalajara and Monterrey. The company had $US57 million ($74 million) of gross written premium last year.
Mr O’Halloran says the acquisition of Cumbre Seguros is in line with the insurer’s strategy of gradually building its presence in Latin America.
“QBE will now write over $US200 million ($259 million) of general insurance premium income in Argentina, Brazil, Colombia and Mexico,” he said.