QBE has received tenders totalling $US317 million ($335.87 million) in its offer for outstanding senior convertible securities due in 2030.

The company will settle $US300 million ($317.86 million) in shares and the balance in cash, equating to about 20 million QBE shares being issued as part of the settlement.

QBE said last month the tender is expected to help the company achieve its targeted debt to equity ratio of around 40% or lower by the end of 2013. It has offered to settle up to $US500 million ($529.76 million) of the securities.