QBE and Allianz gear up for CBA sale

CBA’s announcement that it will be offloading its general insurance unit in a deal worth more than $1 billion has undoubtedly sent the industry into a spin but it seems two major players have been particularly quick to react.

The Australian Financial Review reported today that QBE Insurance and Allianz are among the suitors vying for the bank’s insurance component with both setting deal teams into action.

The two firms are already well established in terms of partnership agreements – Allianz has general insurance distribution partnerships with NAB and Westpac while QBE provides general insurance which is branded under ANZ and has a similar arrangement with HSBC in Asia.

However, AIG also expressed interest in the unit at the beginning of this year while Zurich, IAG and Chinese-based Fosun will certainly be keeping a close eye on the sale.

The $8 million demerger CBA also announced has attracted attention from private equity houses which are interested in financial planning and other assets set to be included.