Swiss Re Corporate Solutions to acquire QBE's Global Trade Credit and Surety business

Zurich/Sydney, 20 February 2026 – Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has agreed to acquire the Global Trade Credit and Surety business of QBE Insurance Group (QBE), subject to regulatory approvals.

Upon successful completion, the acquisition will strengthen Swiss Re Corporate Solutions' primary credit and surety insurance offering and expand its capabilities to address the risk management needs of corporate clients. The transaction supports Swiss Re Corporate Solutions' strategic ambition to diversify its portfolio and capture new growth opportunities.

QBE's Global Trade Credit and Surety business operates through a highly experienced team with a strong presence in Australia, New Zealand and the UK. The portfolio is expected to generate annual revenues of approximately USD 200 million.

This specialty insurance line plays a critical role in helping companies manage payment and performance risk arising from their accounts receivable. Globally, this segment of the insurance market generates around USD 19 billion in premium annually, with continued growth potential driven by heightened economic uncertainty, more complex supply chains and rising demand for sophisticated risk transfer solutions.

Ivan Gonzalez, CEO of Swiss Re Corporate Solutions, said: "This acquisition marks an important milestone for Swiss Re Corporate Solutions. It allows us to expand our offering in this attractive segment by strengthening our global credit and surety platform with a well-managed, profitable portfolio and a highly experienced team. We are excited to build on QBE's market-leading capabilities as we continue to differentiate our offering to help corporate clients navigate the evolving risk landscape."

The transaction is subject to various closing conditions including regulatory approvals, which are likely to take several months. During this phase, Swiss Re Corporate Solutions looks forward to working closely with QBE to ensure continuity for policyholders, brokers, and the team members, who are a key part of this transaction. No financial details of the transaction are being disclosed.

For more information, see QBE's media release: Newsroom | QBE Insurance Group

About Swiss Re Corporate Solutions

Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from offices worldwide and is backed by the financial strength of the Swiss Re Group. Visit our website or follow us on LinkedIn.

About QBE Insurance Group
QBE Insurance Group Limited (QBE) was founded in Townsville, Queensland in 1886 and is headquartered in Sydney, Australia and listed on the Australian Securities Exchange (ASX). QBE is an international insurer and reinsurer organised across three divisions with a local presence in 26 countries.