QBE Insurance Group Limited today announced the purchase of Zurich Insurance (Singapore) Pte Ltd (“Zurich Singapore”). Subject to approval by the Monetary Authority of Singapore, the transaction is expected to close by 30 June 2004. In 2003, Zurich Singapore had net written premium of SGD29 million (A$24 million).

QBE plans to use existing surplus funds in Asia to settle the purchase.

Mr Frank O’Halloran, the Chief Executive Officer of QBE said “This acquisition meets QBE’s acquisition criteria and is in accordance with QBE’s strategy to grow our business in Asia, particularly in markets such as Singapore where we see the potential for improved results”.

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21 May 2004