QBE Insurance sells three agencies

Posted On: Feb. 16, 2015 12:00 AM CST

Australia-based QBE Insurance Group Ltd. has sold three insurance agencies to Australian broker Steadfast Group Ltd. as QBE tries to improve its balance sheet, Reuters reported.

The up-front cash price is $290 million Australian ($225 million) for CHU Underwriting Agencies Pty. Ltd., Underwriting Agencies of Australia Pty. Ltd. and Corporate Underwriting Agencies Pty. Ltd. But, QBE said the final price will be based on the units' performance this year and in 2016. It said the final price could reach AUD 348 million.