The same day Gerling Global announced it would exit the reinsurance business altogether, its Australian non-life business was bought by QBE Insurance Group. Sydney-based QBE Group says it will pay AUD$130 million (Cdn$114) for the renewal rights to the business. The deal does not include trade credit policies and Australian clients of non-local Gerling offices. The Australian arm of Gerling Re writes gross premiums of about Cdn$170 million per year. Yesterday, Gerling announced it would spin-off its reinsurance business to a syndicate headed by Dr. Achim Kann.