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BRIEF-QBE Insurance Group Sells Latin American Ops To Zurich Insurance Group

Published 26/02/2018, 08:08 am
© Reuters.  BRIEF-QBE Insurance Group Sells Latin American Ops To Zurich Insurance Group
QBE
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Feb 26 (Reuters) - Qbe Insurance Group Ltd QBE.AX :

* QBE ANNOUNCES SALE OF LATIN AMERICAN OPERATIONS

* PROFIT ON SALE BEFORE TAX ESTIMATED AT AROUND $100 MILLION

* SALE WILL POSITIVELY IMPACT GROUP'S APRA PCA MULTIPLE AND S&P CAPITAL POSITION DUE TO PROFIT ON SALE

* ESTIMATED AGGREGATE CONSIDERATION FOR DEAL IS $409 MILLION SUBJECT TO CLOSING ADJUSTMENTS

* TRANSACTIONS ARE SUBJECT TO REGULATORY APPROVALS IN EACH JURISDICTION AND ARE EXPECTED TO CLOSE BY END OF 2018

* QBE PUERTO RICO TO BE RETAINED BY QBE TO FACILITATE SERVICING OF CLAIMS RESULTING FROM HURRICANE MARIA

* ENTERED INTO AGREEMENTS WITH ZURICH INSURANCE GROUP FOR SALE OF ITS OPS IN ARGENTINA, BRAZIL, COLOMBIA, ECUADOR AND MEXICO

* SALE WILL LOWER RISK CHARGES AND DISPOSAL OF APPROXIMATELY $42M OF GOODWILL AND INTANGIBLE ASSET

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