Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has agreed to acquire the Global Trade Credit and Surety business of QBE Insurance Group (QBE), subject to regulatory approvals, Swiss Re said on its website.

According to the company, upon successful completion, the acquisition will strengthen Swiss Re Corporate Solutions' primary credit and surety insurance offering and expand its capabilities to address the risk management needs of corporate clients. The transaction supports Swiss Re Corporate Solutions' strategic ambition to diversify its portfolio and capture new growth opportunities.

QBE's Global Trade Credit and Surety business operates through a highly experienced team with a strong presence in Australia, New Zealand and the UK. The portfolio is expected to generate annual revenues of approximately USD 200 million.

"This acquisition marks an important milestone for Swiss Re Corporate Solutions. It allows us to expand our offering in this attractive segment by strengthening our global credit and surety platform with a well-managed, profitable portfolio and a highly experienced team. We are excited to build on QBE's market-leading capabilities as we continue to differentiate our offering to help corporate clients navigate the evolving risk landscape", commented Ivan Gonzalez, CEO of Swiss Re Corporate Solutions.

The transaction is subject to various closing conditions including regulatory approvals, which are likely to take several months. During this phase, Swiss Re Corporate Solutions looks forward to working closely with QBE to ensure continuity for policyholders, brokers, and the team members, who are a key part of this transaction. No financial details of the transaction are being disclosed.