February 25, 2018 / 9:09 PM / in 6 months

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

Feb 26 (Reuters) - Qbe Insurance Group Ltd:

* ‍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​ Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below