ING tries to buy time as QBE prowls
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.
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