Subject to regulatory approval, ING Group has announced plans for the sale of Mercantile Mutual Insurance Australia, Mercantile Mutual Insurance Workers Compensation Limited and its 50% share in the QBE Mercantile Mutual joint venture.
QBE Group has agreed to terms with ING to purchase its entire Australian general insurance stake for A$740 million, with a further $25million to be paid in February 2007 subject to the run off of pre-joint venture net insurance liabilities. The acquisition comes two years after Australia's largest car and home insurer, Insurance Australia Group purchased Aviva Plc's Australia and New Zealand general insurance arm for A$1.86 billion.
The ING-QBE Mercantile...
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