QBE Insurance solicits consents to alter 4% perpetual capital notes

By Wendy Van Sickle

Columbus, Ohio, June 15 – QBE Insurance Group Ltd. is soliciting consents from holders of its $400 million 4% fixed-rate perpetual capital notes (ISIN XS1707749229), according to a notice.

The company is seeking holder consents to provide that, if the Australian Prudential Regulation Authority determines QBE would become non-viable, the capital notes would be written off rather than converted into ordinary shares.

The amendment would align the loss absorption mechanism and the accounting equity treatment of the notes with those of the $500 million of perpetual fixed rate resetting capital notes issued by QBE on May 12. This means that the capital notes would be reclassified out of borrowings and into equity.

Morrow Sodali Ltd. (852 2158 8405, +44 20 7355 0628, 203 609-4910 or qbe@investor.morrowsodali.com) is the information and tabulation agent.

Citigroup Global Markets Ltd., Credit Agricole CIB and Hongkong and Shanghai Banking Corp. Ltd., Sydney Branch are the solicitation agents.

QBE is a Sydney, Australia, insurance and reinsurance company.

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