QBE COMBINES BUSINESS IN MALAYSIA WITH MBf

Australia-based insurer QBE has agreed to launch a joint venture in association with Malaysia-based insurer MBf Capital to combine QBE's and MBf's general insurance businesses in Malaysia. A joint venture will be launched through QBE's existing Malaysian subsidiary, which will be renamed QBE-MBf Insurans. QBE will hold 51% of the shares and MBf the rest. QBE said that the joint venture was expected to have premium income of about MR180m in its first year of operation. QBE's Albert Tay will become general manager and MBf’s Steven Tan deputy general manager.