QBE Group has agreed to divest its global trade and surety business to Swiss Re Corporate Solutions. QBE said the agreement did not include its French bonds business. The global trade and surety business operates across the UK and Australia Pacific and supports companies in managing the payment and performance risks attached to their accounts receivable income streams.

The deal is subject to various closing conditions as we as to regulatory approval and is not expected to complete for a matter of months. Swiss Re Corporate Solutions is the commercial insurance arm of Swiss Re Group and has a focus on large and mid-tier corporates.

Andrew Horton, chief executive officer of QBE Group, said: “Our decision to divest QBE’s global trade credit and surety business to Swiss Re Corporate Solutions supports our ongoing strategic focus on optimising our portfolio, enabling the reallocation of capital and resources towards growth opportunities that align more closely with QBE’s long-term strategy.”

Jason Harris, chief executive officer of QBE International, added: “Swiss Re Corporate Solutions is approaching this opportunity with ambition and enthusiasm, seeking our market insights, talent pool and delivery know how to help accelerate growth in the business.”