QBE buys ING’s 50% stake in Aussie venture

SYDNEY: QBE Insurance Group Ltd, Australia’s largest international property and casualty insurer, agreed to buy ING Groep NV’s 50% stake in their Australian venture for A$765mil, part of its plan to double premium income in the Asia-Pacific region. 

Chief executive Frank O’Halloran, 57, has made about 10 acquisitions in the past five years, more than tripling the group’s assets. The purchase of half of QBE Mercantile Mutual’s general insurance business would add A$650mil of gross premiums a year, Sydney-based QBE said in a statement.