Company News: Cardno & QBE
Cardno was placed in a trading halt on Friday morning pending an update about a potential acquisition. This comes after its announcement last week that it was acquiring TGM Group, a Victorian engineering services firm with a strong position in regional Victoria.
QBE provided a market update on Monday that outlined its 2019 reinsurance program. The company will restructure its reinsurance program in 2019 to reduce its risk profile, decreasing the company’s exposure to catastrophes and large individual claims. This is expected to result in a reduction of $50-$100M of profitability in 2019. The company will also implement an operational efficiency program from 2019-2021 which will look to reduce costs by net $130M by 2021.
- Paul Grace