QBE to sell stake in QBE Macedonia

QBE has agreed a deal with Vienna Insurance Group (VIG) to sell its 65% shareholding in QBE Macedonia for an undisclosed sum.

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

QBE European markets managing director, Patrick Coene, 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.”