QBE to Sell its Shareholding in QBE Macedonia

LONDON, Sept. 17 -- QBE Group issued the following news release:

QBE, the business insurance specialist, has announced that it has reached agreement with Vienna Insurance Group (VIG) to sell its 65% shareholding in QBE Macedonia (Stock Company for Insurance and Reinsurance QBE Makedonija) to VIG for an undisclosed amount.

The transaction is subject to regulatory and competition authority clearance and to the takeover rules in Macedonia. The deal is expected to conclude by the end of 2012.

Patrick Coene, Managing Director, QBE European Markets said: "As the principal activities of QBE Macedonia lie outside our main business insurance scope, we are confident that VIG offers better opportunities for QBE Macedonia to develop and grow."

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