The competition watchdog has called for submissions by the end of this week on Swiss Re’s proposed acquisition of QBE’s global trade credit and surety business.

Swiss Re Corporate Solutions said in February the deal aligns with its ambition to diversify its portfolio and capture new growth opportunities.

The QBE unit has a strong presence in in Australia, New Zealand and the UK, and is expected to generate annual revenue of about $US200 million ($283 million). 

Businesses must notify the Australian Competition and Consumer Commission of any proposed acquisition that meets certain thresholds, under arrangements that began in January.

A questionnaire on the regulator’s website asks if the Swiss Re and QBE trade credit business are close competitors and if there are many alternatives, or if one is a major supplier to competitors of the other.

The ACCC says it received notification of the deal on April 10 and will complete its initial assessment by May 25.