CUNA Mutual Group said it has reached an agreement in principle to sell its Australian business operations to QBE Insurance Group.
QBE Australia is a member of the QBE Insurance Group, Australia's largest international insurance and reinsurance group and one of the top 25 global insurers and reinsurers as measured by gross written premium, according to CUNA Mutual. QBE Australia has more than 50 offices spanning each state and territory in Australia.
CUNA Mutual said as part of its strategic review process, it concluded its Australian business would be better positioned to serve its customers and for future growth under a different ownership structure.
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