QBE Mercantile Mutual was incorporated on the 1st of July 1999, as a joint venture between Mercantile Mutual, the Australian financial services company of ING Group and QBE, one of the largest Australian insurers.

The QBEMM group manages around AU$1.5 billion total gross written premium, in the insurance fields of business, home & contents, farm, motor vehicle, accident & health, engineering, liability, marine and worker's compensation.

They write a great deal of commercial/corporate insurance, like accident & health policies for employees who move overseas to work for some of the large international companies (expatriates).

QBE Mercantile Mutual was given the award for General Insurer of the Year 2002 by the National Insurance Brokers Association (of Australia).

As of January 1, 2005, QBE Mercantile Mutual is known as QBE Insurance (Australia) Ltd, as the parent company QBE have bought controlling interest in QBE MM.