ING tries to buy time as QBE prowls

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8 March 2010

QBE Group is said to be casting an acquisitive eye on the commercial insurance operations of Dutch company ING, but the sense of urgency for a sale may be softened by a reported elasticity in the 2013 deadline.

According to a report in UK trade publication Insurance Times, ING can potentially buy more time and fetch a better price for its worldwide insurance business if it lists at least 30% on the share market.

Bowing to European Commission requirements on viability and fair competition, the Amsterdam-based company will sell its insurance and investment management operations to focus on banking following the €10 billion ($15.2 billion) Dutch Government bail-out in 2008.

Fairfax newspapers have meanwhile reported that QBE Group CEO Frank O’Halloran has confirmed ING’s non-life insurance operations are in his sights after he told investors the insurer has $2.5 billion set aside for acquisitions.