Suncorp Group has dropped out of the race to buy Zurich’s Australian general insurance business.
Street Talk understands Suncorp pulled out after it was unable to meet the Swiss insurer’s price expectations and amid concerns over parts of the business,Sources said Suncorp didn’t want to pay for Zurich’s travel portfolio, among other products.
The Suncorp decision comes ahead of its earnings results due on Tuesday where analysts and investors will be sure to ask about its MZurich Australian Insurance Limited reported $1.24 billion in direct premium revenue in 2020 and $1.4 billion one year earlier.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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