Swiss Re Corporate Solutions has entered a deal to buy the Global Trade Credit and Surety division from QBE Insurance Group, pending approval from regulators.

The companies did not release financial details of the agreement.

The purchase will add to Swiss Re Corporate Solutions’ primary credit and surety insurance business and broaden its services for corporate clients.

The move is in line with Swiss Re’s wider strategy to diversify its offering and seek growth in new areas.

QBE’s business in this segment involves a team operating mainly in Australia, New Zealand and the UK.

The portfolio is projected to bring in around $200m (SFr154.44m) in yearly revenue.

QBE Group CEO Andrew Horton said: “Our decision to divest QBE’s Global Trade Credit and Surety business to Swiss Re Corporate Solutions supports our ongoing strategic focus on optimising our portfolio, enabling the reallocation of capital and resources towards growth opportunities that align more closely with QBE’s long-term strategy.”

Completion of the transaction depends on fulfilment of closing conditions including regulatory clearance, which could take several months.

Swiss Re Corporate Solutions indicated it will work with QBE during this period to ensure continuity for policyholders, brokers and staff.

Swiss Re Corporate Solutions CEO Ivan Gonzalez said: “This acquisition marks an important milestone for Swiss Re Corporate Solutions. It allows us to expand our offering in this attractive segment by strengthening our global credit and surety platform with a well-managed, profitable portfolio and a highly experienced team.

“We are excited to build on QBE’s market-leading capabilities as we continue to differentiate our offering to help corporate clients navigate the evolving risk landscape.”

Last December, Swiss Re formed a partnership with RIQ aimed at developing AI-based reinsurance solutions, expanding capacity options and launching risk origination initiatives in the United Arab Emirates.