QBE to acquire Renaissance Re’s US business
QBE has announced that it has agreed to acquire the US insurance operations of Renaissance Re, which include a US crop and small specialist programme insurance business.
Completion of the transaction is expected in March 2011 at a purchase price of around $275 million (paid from QBE’s existing resources), with net tangible assets acquired of approximately $215 million.
The acquired business is expected to generate over $350 million of gross written premium in 2011 and net profit after tax of over $30 million.
The Australian insurer’s chief executive officer, Frank O’Halloran, comments: “The acquisition is in line with our strategy of acquiring specialist businesses to further enhance our product diversification and distribution.”
Earlier this month, QBE completed the purchase of Secura NV, the Belgium-based specialist reinsurer, which continues to operate as a separate brand domiciled in Belgium.
Category: Companies News, Insurance News
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