QBE Acquires HIH, Reliance Latin American Subsidiaries

Australia’s QBE Insurance expanded its Latin American presence with the purchase of Argentina’s HIH Aseguradora de Riesgos del Trabajo from HIH, and three other South American insurers from the U.S.’s financially troubled Reliance Group.

QBE paid around $25 million to acquire the four insurers, and is currently seeking to raise additional funds to pay for the acquisition of HIH’s corporate business in a deal negotiated with its provisional liquidator. It’s currently seeking around $150 million in additional capital to fund these purchase and for future expansion.