QBE Insurance drops acquisition hint

Print   Email

News provided by Ansarada, secure virtual data room providers

QBE Insurance Group has dropped a major hint that it is looking at potential acquisitions, which could be completed through a virtual data room.

Following the Sydney-based firm's announcement of an AUD$1.86 billion net profit for 2008, QBE revealed that it was hoping to take advantage of the strained economic climate.

When looking to make deals, advisors from QBE could use an Ansarada secure virtual data room to conduct due diligence and inspect accounts prior to the purchase of assets.

Chief executive of the company, Frank O'Halloran, said that the company was "ready to capitalise on a number of opportunities, after applying criteria of distribution, geographic spread, and … earnings per share".

He added: "There's so many opportunities that you can afford to fairly ruthless when it comes to buying an asset."

Elsewhere in Australia, the exploration giant Western Metals has finalised a deal to acquire several Tanzanian gold projects from Sub Sahara Resources.