Australia's QBE Insurance to raise capital to counter coronavirus pressures [Reuters]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Reuters
Australia's QBE Insurance to raise capital to counter coronavirus pressures April 14 (Reuters) - Australia’s QBE Insurance Group on Tuesday said it was looking to boost its capital through an equity raising to stave off the impact from the coronavirus outbreak and also posted a strong premium growth in the first quarter. The company is looking to raise about $750 million through an institutional placement and $75 million through a share purchase plan. Despite the disruption from the pandemic, the insurer posted an over 9% rise in gross written premiums in the first quarter. (Reporting by Shreya Mariam Job in Bengaluru; Editing by Himani Sarkar)
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