QBE Partners with BOCHK to Deliver Mortgage Insurance Service

PR Newswire

HONG KONG, July 14, 2014 /PRNewswire/ -- QBE Mortgage Insurance (Asia) Limited

('QBE-MI') today announced that it has entered into a cooperation agreement

with Bank of China (Hong Kong) Limited ('BOCHK') to provide mortgage insurance

products to the customers of BOCHK through its extensive branch network.

KY Poon, Managing Director of QBE Mortgage Insurance (Asia) Limited and Colet

Ng, Assistant General Manager and Head of Secured and Retail Lending Business,

Personal Banking & Product Management, Bank of China (Hong Kong) Limited.

QBE-MI is the second largest mortgage insurer with a solid market share of 30%

(Note 1) in Hong Kong, while BOCHK is a leading listed commercial banking group

in Hong Kong. By combining the strengths of both strong franchises, the

partnership underscores QBE's bancassurance strategy of bringing best -in-class

solutions to customers via BOCHK's most extensive branch network in Hong Kong.

It also helps diversify the range of mortgage insurance services of BOCHK for

its customers.

Mr KY Poon, Managing Director of QBE-MI commented, "QBE-MI offers mortgage

insurance for loans of more than 70% LTV to borrowers, helping them alleviate

financial burdens of the down payment and allowing more people to realise their

dreams of home ownership earlier. The partnership will further develop our

business to directly offer home buyers comprehensive mortgage insurance

products and services. The mutually cooperative relationship also helps our

partnering banks transfer credit risks, acquire new customers, and expand the

clientele and business."

Mr Poon continued, ''The current real estate market in Hong Kong is dominated

by user- buyers with a significant need for mortgage insurance services that

would help solve their housing needs, especially for buyers who struggle with

the down payment. Being a leading mortgage insurer, we address the local market

needs by offering borrowers tailor-made mortgage insurance products and

services in collaboration with various leading banks, alleviating the financial

burden on first-time home buyers by offering them flexible options at low risks

and costs that fulfil different customer needs."

Ms Colet Ng, Assistant General Manager and Head of Secured and Retail Lending

Business, Personal Banking & Product Management, BOCHK, said, "We strive to

provide diversified mortgage plans to meet the different needs of customers. We

are pleased to collaborate with QBE-MI in offering more mortgage insurance

options for our customers, helping them to reduce their financial burden and

plan for their future. This partnership will not only enhance our

competitiveness, but also expand our mortgage insurance business and further

strengthen our leading position in the mortgage market."

QBE- MI has been providing mortgage insurance for over 14 years and has a

deep knowledge of the Hong Kong market. QBE-MI is a wholly-owned subsidiary of

QBE Lender's Mortgage Insurance Limited ("QBE LMI"). QBE LMI is a leading

mortgage insurer with over 46 years of experience in the Australian market.

QBE-MI's mortgage insurance services cover both primary and secondary property

markets, as well as cash refinancing. Applicable properties include village

houses, flats under Home Ownership Scheme and estates over 40 years old, and

the application procedure is simple and convenient. The predominant customers

include first-time home buyers, young married couples, and people in need of

mortgage refinancing or cash-out refinancing.

Note:

1.   Source : Office of the Commissioner of Insurance

      Date: 31 Mar 2014

QBE Asia Pacific Operations is part of QBE Insurance Group Limited, one of

the top 20 insurers and reinsurers worldwide. QBE Insurance Group's 2013

results can be found athttp://www.group.qbe.com .

Headquartered in Sydney, Australia, QBE operates out of 42 countries and

territories around the globe, with a presence in every key insurance market.

The Asia Pacific division has a presence in 16 markets in Asia and the Pacific

Islands.

QBE-MI has been providing mortgage insurance services in Hong Kong since

1999. QBE-MI offers home buyers insurance on over 70 per cent of their

mortgages from banks, reducing the loan risks for banks while alleviating the

financial burden on first-time homebuyers. QBE- MI's business partners include

Bank of China (Hong Kong), Standard Chartered Bank, Hang Seng Bank and Fubon

Bank.

Photo - http://photos.prnasia.com/prnh/20140714/8521403990

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