Acquisition to close on 2 November

The Belgian financial regulator, CBFA, has approved QBE's acquisition of Belgian reinsurer Secura. The deal will complete on 2 November.

Ratng agency Standard & Poor's has affirmed Secura's A financial strength rating and removed it from Creditwatch.

Secura will be part of QBE Europe's reinsurance division, but will continue to operate as a separate brand domicilaed in Belgium to service its continental European client base.

“We are very pleased that the Secura deal has been approved as it is an excellent strategic fit with QBE’s existing reinsurance portfolio," said managing dorector of QBE Europe's reinsurance division Jonathan Parry in a statement. "Secura brings further diversity to our reinsurance business, in terms of the client base, expertise of the team, and the product and geographic split.”

Secura managig director Luc Boghe added: “CBFA’s approval of the acquisition of Secura by QBE provides an excellent opportunity to develop the business to meet our clients’ increasing needs in the reinsurance market."