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Credit Suisse expands in Hungary

Credit Suisse Group's Hungarian insurance unit said it bought life insurance policies from QBE Insurance Group Ltd. to expand in the country. Winterthur Biztosító Zrt, Credit Suisse's local unit, took over QBE Atlasz Biztosító Zrt's 1,100 life insurance policies in Hungary as of October 1, Winterthur said in an e-mailed statement today. The two companies declined to say how much Winterthur Biztosító paid for the policies. Winterthur is buying QBE's policies in Hungary to boost its portfolio in the country, the company said. QBE's local unit sold the policies to focus on other businesses, it said. (Bloomberg)