Australian insurer snaps up $800m US rival

A German reinsurer has sold its US business for $800m (€605.4m) to an Australian company in a strong year for insurance consolidation.

Hannover Re is selling its US operations, Praetorian, to Australia's QBE for $800m (€605.4m). Hannover created Praetorian in 2005 by moving all of its US primary insurance businesses under the Praetorian umbrella. Hannover plans to focus its business on reinsurance.

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