QBE is among the names mooted to be running a ruler over HSBC Bank’s general insurance business, which sells both personal and commercial lines products in the UK, France, Hong Kong and Singapore.

Other insurers linked to acquisition speculation include Axa, Allianz, China’s PICC Property & Casualty Co Ltd and Tokio Marine Holdings. The deal is estimated to be worth around $US1 billion ($1.03 billion).

A QBE spokesman told insuranceNEWS.com.au that it is not company policy to comment on acquisition speculation.

HSBC Bank has previously declined to comment on speculation that it is looking to offload its general insurance business, which reported premium revenue of $US1.3 billion ($1.34 billion) last year. Reports say offer circulars have been sent to potential buyers, with a deadline for initial bids set for mid-October.

At QBE’s half-year results announcement in August, Group CEO Frank O’Halloran said the company is still looking for acquisitions, with a focus on smaller bolt-on purchases and European acquisitions.