QBE sells some casualty commercial insurance business to Ascot

Australia-based QBE Insurance Group Ltd. has sold some of its Irish casualty commercial insurance business to Bermudian specialty insurer and reinsurer Ascot Group Ltd. in line with its plans to make a phased exit from some Irish insurance portfolios, Reinsurance News reported. As part of the transaction, Ascot will offer renewal terms on the acquired portfolios, while existing back book policies will remain with QBE.