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QBE Insurance sells 10% stake in Elders Insurance

QBE InsuranceGroup Ltd. said April 1 that it sold a 10% stake in EldersInsurance (Underwriting Agency) Pty. Ltd. back to Australian agribusinessElders.

Elders repurchased the shareholding in Elders Insurance forthe same net profit after-tax multiple that applied when Elders sold the staketo QBE in June 2014 to retire debt.

The purchase price is confidential and will be funded byElders from free cash flow.