NEW YORK, Nov. 18, 2016 /PRNewswire/ -- QBE Insurance Group Limited (" QBE") today announced the expiration and final results of its previously announced exchange offer (the " Exchange Offer"), pursuant to which Eligible Holders (as defined in QBE's October 19, 2016 press release announcing the Exchange Offer) of the outstanding U.S. $538,608,000 7.25% Fixed Rate Reset Guaranteed Exchangeable Subordinated Callable Notes due 2041 issued by QBE Capital Funding III Limited and guaranteed by QBE (CUSIP: G7306BAA2 and 74734PAA0; ISIN: US74734PAA03 and USG7306BAA29) (the " Existing Notes") were invited to exchange their Existing Notes for new U.S.$-denominated Fixed Rate Subordinated Notes due 2043 (" New Notes") to be issued by QBE. According to D.F. King & Co., Inc. (the " Information and Exchange Agent"), as of 11:59 p.m., New York City time, on November 16, 2016 (the " Expiration Time"), Eligible Holders validly tendered U.S. $371,954,000 in aggregate principal amount of Existing Notes—equal to approximately 69.1% of the aggregate principal amount of the Existing Notes outstanding prior to commencement of the Exchange Offer. The settlement of the Exchange Offer is expected to occur on November 21, 2016 (the " Settlement Date"). The Exchange Offer, and QBE's acceptance of Existing Notes tendered pursuant thereto, was made upon and is subject to the terms and conditions set forth in the confidential offering memorandum dated October 19, 2016, as amended and supplemented by a supplement dated October 27, 2016 (as amended, the " Exchange Offer Memorandum"). QBE intends to accept all of the Existing Notes tendered in the Exchange Offer and confirms that all conditions to the Exchange Offer in the Exchange Offer Memorandum have been satisfied or waived by QBE. Consequently, on the Settlement Date, QBE expects to issue U.S. $371,954,000 in aggregate principal amount of New Notes in exchange for an equivalent amount of Existing Notes and to pay in cash the applicable unpaid interest in respect of the tendered Existing Notes accrued to (but excluding) the Settlement Date. QBE also expects to issue on the Settlement Date a further U.S. $28,000,000 in aggregate principal amount of New Notes for additional capital. The New Notes issued in the Exchange Offer and the New Notes issued for additional capital will have the same terms and will constitute a single series of securities.