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Aust Insurer Qbe's U.s Business Under Probe

 

Saturday, Jan 14,2012, 12:31:05 AM   Click:

QBE Insurance (ASX:QBE) shares are in a trading halt after reports its United States business is being investigated by regulators.

New York's Department of Financial Services reportedly is investigating banks and insurance companies over allegations they've made excessive profits on policies that they force home loan borrowers to pay for when their insurance lapses.

Media reports claim Balboa Insurance Company, which QBE acquired in February last year from Bank of America, is included in the investigation.

Balboa is one of the US's largest providers of insurance to lenders relating to foreclosed homes and homes with distressed buyers.

QBE requested its shares be halted from trading in light of the reports, it said in a letter to the Australian Securities Exchange (ASX).

The company is due to issue a release to the market regarding its preliminary 2011 results and 2012 re-insurance protections before noon (AEDT) on Thursday, it said.

QBE shares last traded at $13.00.

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