Australia is a major contributor to the insurance firm
QBE Insurance Group is waiting for the right opportunity to strike mega deals in Australia, to avoid being margenlised by the growing importance of IAG, Suncorp and Allianz – reported Bloomberg.
The Sydney-based insurance firm, which had only recently spent close to $1.25 billion for acquiring mortgage insurer, PMI and rural provider, Elders, is not going to stop looking for more acquisitions. It’s plans towards IAG, the holding company of NRMA Insurance and the commercial insurer CGU, are well known.
Australia has contributed to almost one-fourth of QBE’s global turnover of $13 billion in 2008, and almost a third of its profits of $1.86 billion. Frank O’Halloran, CEO of QBE Insurance, said that Australia was one of the company’s core regions besides Europe, Asia, Japan and Latin America – reported BusinessDay. Mr. O’Halloran said: The aim was to continue growing its gross written premium – revenue – from businesses which would not prevent QBE from making a major purchase in terms of regulatory hurdles such as competition restrictions.