QBE Insurance Group Limited ("QBE") announced a consent solicitation to holders of its $400,000,000 Perpetual Fixed Rate Capital Notes ("Capital Notes"). QBE is seeking the approval of holders to amend the terms of the Capital Notes to provide that, if the Australian Prudential Regulation Authority determines QBE would become non-viable, the Capital Notes would be written-off rather than converted into ordinary shares (including related implementing amendments, the "Consent Solicitation"). The amendment would align the loss absorption mechanism and the accounting equity treatment of the Capital Notes with the $500,000,000 Perpetual Fixed Rate Resetting Capital Notes issued by QBE on 12 May 2020. This means that the Capital Notes would be reclassified out of borrowings and into equity.