A German reinsurer has sold its US business for $800m (€605.4m) to an Australian company in a strong year for insurance consolidation.

Hannover Re is selling its US operations, Praetorian, to Australia's QBE for $800m (€605.4m). Hannover created Praetorian in 2005 by moving all of its US primary insurance businesses under the Praetorian umbrella. Hannover plans to focus its business on reinsurance.

Australian insurer snaps up $800m US rival

Heidi Moore

Hannover Re

Credit Suisse

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European business activity continues to prove resilient into the second half of the year, surveys showed, despite the American trade tariffs that have weighed on some companies.

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The Dutch insurer and asset manager has focused on making the U.S. its primary market and a key pillar of its growth strategy in recent years.

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The city’s exchange operator reported record profit and revenue as bullish market sentiment boosted trading.

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U.S. stock futures started Wednesday lower after a tech-led selloff caused by a report saying the majority of companies investing in generative AI have yet to see returns.

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Bill Derrough’s move follows recent leadership changes at Moelis.

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The bank is preparing to move thousands of employees into its new, 2.5-million-square-foot Midtown headquarters.

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