QBE Shares on a Trading Halt
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FacebookShares of Australian insurance company QBE Insurance Group (QBE) are now on a trading halt after news circulated that its recently bought Balboa mortgage insurance subsidiary in the United States is being investigated by US regulators.
The New York Department of Financial Services recently started probing banks and insurance companies, which included QBE's subsidiary. The regulator is investigating on alleged excessive fees issued by banks and insurance companies on homeowners' policies.
According to QBE's statement, its trading halt will remain until it makes a market release regarding its preliminary profit results in 2011 and reinsurance package for 2012.
QBE's shares were last traded at $13.
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