QBE completes acquisition of US Renaissance Re unit

By Canadian Underwriter, | March 7, 2011 | Last updated on October 30, 2024
1 min read

QBE Insurance Group Ltd. has completed its acquisition of the US admitted insurance business of Renaissance Re.The acquisition includes a US crop and small specialist program insurance business. The cost of the transaction was $275 million. “The business acquired is expected to generate over $350 million of gross written premium in 2011 and net profit after tax of over $30 million,” QBE reported.”The acquisition is in line with our strategy of acquiring specialist business to further enhance our product diversification and distribution,” said Frank O’Halloran, QBE’s CEO.

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