QBE ASX: QBE ditches US middle-market

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 90%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

he ASX-listed insurance giant is hoping to shake off the last vestiges of a decade-long but ill-fated grab at the North American market with the wind down.

Already a subscriber?QBE Insurance is hoping to shake off the last vestiges of a decade-long but ill-fated grab at the North American market with the closure of its middle-market business, ten years after first placing the division on the market with a strategic review.

“The closure of middle-market will serve to refocus North America’s strategy on those businesses which hold more meaningful market position, relevance and scale,” the company told investors on Wednesday. “The closure will have no incremental impact on appetite or strategy for North America’s three core businesses.”

QBE told investors it would begin allowing middle-market policies to expire, with premiums expected to begin reducing from this financial year before falling more substantially next year. The company will have to wear a restructuring charge of some $100 million before tax this year to account for the closure.

“Nearly all its competitors use agency distribution as a prime method of targeting SMEs in North America. When QBE acquired its mid-market business, Winterthur, way back in 2007, it too championed this method of distribution as a key attribute of its acquisition.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 2. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

ASX 200 LIVE: ASX to slip, Nvidia takes market-cap crownAustralian shares are set to open modestly lower. Nvidia extended its rally, surpassing Microsoft. Traders fade RBA rate bets. Follow updates here.
La source: FinancialReview - 🏆 2. / 90 Lire la suite »