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

Zurich (Feb. 20, 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.

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. For more information, please visit corporatesolutions.swissre.com.

About Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 70 offices globally. For more information, please visit www.swissre.com.

Forward-Looking Statements

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SOURCE: Swiss Re

Backgrounder:

QBE divests Global Trade Credit and Surety business to Swiss Re Corporate Solutions

Sydney, Australia (Feb. 20, 2026) – QBE Group, the global insurer and reinsurer, has entered into an agreement to divest its Global Trade Credit and Surety business to Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group. QBE’s French Bonds business does not form part of this transaction.

QBE’s Global Trade Credit and Surety business operates across Australia Pacific and the UK, supported by a highly experienced team of industry specialists. This business plays a critical role in helping companies manage payment and performance risk arising from their accounts receivable, and has been a longstanding, trusted offering for commercial customers.

Andrew Horton, Chief Executive Officer of QBE Group said, “Our decision to divest QBE’s Global Trade Credit and Surety business to Swiss Re Corporate Solutions supports our ongoing strategic focus on optimising our portfolio, enabling the reallocation of capital and resources towards growth opportunities that align more closely with QBE’s long-term strategy.”

Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations globally, backed by the financial strength of the Swiss Re Group, one of the world’s leading reinsurers.

Sue Houghton, Chief Executive Officer of QBE Australia Pacific said, “Swiss Re Corporate Solutions is entering this agreement with fresh perspective and strong intent. They’re looking to draw on our experience, our people and our practical know‑how as they look to build momentum and grow the business.”

QBE and Swiss Re Corporate Solutions are focused on supporting the needs of employees, customers and partners throughout this transaction

It is important to note that completion of the transaction is subject to various closing conditions including regulatory approvals, which is likely to take several months.

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. For more information, visit www.qbe.com.

SOURCE: QBE Insurance Group Limited

Tags: Acquisition, commercial lines, QBE, Surety, Swiss Re