QBE wraps up PMI deal
QBE has completed its acquisition of PMI Australia for $US920 million ($1.4 billion) after receiving regulatory approval.
The insurer announced in August it was buying the local operations of struggling US-based PMI Mortgage Insurance. PMI Australia represents 40% of the Australian residential mortgage insurance market.
The acquisition of PMI Asia for $US55 million ($83 million) will be completed by next month.
QBE says it bought US dollars when negotiations were successful in August to offset changes in the value of the Australian dollar.
The insurer announced in August it was buying the local operations of struggling US-based PMI Mortgage Insurance. PMI Australia represents 40% of the Australian residential mortgage insurance market.
The acquisition of PMI Asia for $US55 million ($83 million) will be completed by next month.
QBE says it bought US dollars when negotiations were successful in August to offset changes in the value of the Australian dollar.