QBE cashed-up and hungry in Europe
The ever-acquisitive QBE is reported to be prowling Europe for new deals to fuel its growth on the heels of its $2.7 billion spree last year, mostly in the US.
CEO Frank O’Halloran has been quoted in London’s Financial Times as targeting Europe to grow the group’s gross annual premium (GWP) by up to $750 million through acquisition in the next 12 months.
Ibisworld analyst Richard Jeremiah told insuranceNEWS.com.au this is something well within QBE’s reach, given its capital reserves and discounted asset prices this year.
“Their cash position is a fair bit stronger than it was last year – $2.7 billion versus just under $1 billion last year,” he said.
“It sits in line with their ‘growth through acquisition’ strategy, and considering asset prices have been devalued so much it would seem a good time to buy some insurers at pretty cheap prices.”
Mr Jeremiah says the European focus could be due to excessive competition for assets in the US.
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