Australia's Insurance Group

The offer values Promina at 17.9 times the company's estimated 2006 earnings, according to data compiled by Bloomberg. Insurance Australia Group, the nation's largest auto and home insurer, trades at 15.3 times estimated earnings, and QBE Insurance Group, the biggest property and casualty insurer, trades at 15.2 times estimated earnings.
Suncorp bids $5.8 bln for Promina - Washington Post
Suncorp's shares initially rose 5.5 percent to a recordA$23.52 on the prospect that a bank, possibly Westpac BankingCorp. , might scoop up Suncorp before it expands ininsurance. In the last half-hour of trading, however, the stockfell to close down 0.5 percent at A$22.20.

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