QBE exits PNG market
QBE has sold its operations in Papua New Guinea (PNG) to Alpha Insurance.
The deal will optimise QBE’s portfolio and reallocate capital and resources to growth areas more closely aligned to its longer-term strategy, the insurer says.
“Alpha is a leading general insurer in PNG with a strong track record in the Pacific and an enduring commitment to the region,” QBE said, adding the pair worked together to ensure a smooth transition for QBE employees, customers and brokers.
A year ago, New Zealand’s Tower sold its PNG subsidiary stake to Alpha for $10 million. That business had annual gross written premiums of around $8 million.