Media reports are hinting that QBE Insurance Group Limited is in talks with Zurich Insurance Group about acquiring its general insurance unit.

Zurich is offering its Australian general insurance division, excluding its travel insurance arm, believe to be worth about $500 million, the negotiations are in the second stage.

Also thought to have been taking a look at the business is QBE's rival, IAG. Other insurers would certainly be interested in being involved in such a large, juicy buyout.

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