Swiss Re Corporate Solutions has finalised its purchase of QBE’s global trade credit and surety operation.

The global reinsurer’s commercial cover arm says the specialty line plays a critical role helping companies manage payment and performance risk arising from their accounts receivable.

It adds the market generates about $US19 billion ($26.5 billion) a year in premium worldwide, and growth potential is driven by economic uncertainty, complex supply chains and rising demand for sophisticated risk transfer solutions.

QBE says the divestment supports its focus on optimising its portfolio, enabling the reallocation of capital and resources towards growth opportunities aligning with its long-term strategy.

The trade credit and surety operation has a strong presence in Australia, New Zealand and the UK and is expected to generate annual revenue of about $US200 million ($279 million).

Its sale was announced in February.