14 Jan
Posted by: Max Wiedermann in: Business Tips
QBE Insurance Group has been placed in a trading halt with reports suggesting the halt is due to an investigation by US authorities into one of the company’s subsidiaries, Balboa.
The halt will remain in place until either an announcement from the company is made, or trading resumes on January 16.
Reports indicate that the investigation will focus on excessive fees for policies that include some of the largest banks in the United States.
QBE has said it will make an announcement today “regarding topics such as preliminary 2011 results and 2012 worldwide reinsurance protections”.
The Australian sharemarket has opened flat this morning after weak results from international markets, which have been subdued over renewed fears over the European debt crisis.
The benchmark S&P/ASX200 index was up 3.3 points or 0.1% to 4190.8 at 12.00 AEST, while the Australian dollar rose slightly to $US1.02c.
ANZ shares rose 0.33% to $21.15 as Commonwealth Bank shares rose 0.24% to $50.06. Westp