QBE to purchase Renaissance Re’s US insurance operations

QBE Insurance Group has acquired the US insurance operations of Renaissance Re for $275 million.This includes a US crop and small specialist program insurance business. The acquisition – subject to regulatory approvals – is expected to be completed in March 2011. “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 businesses to further enhance our product diversification and distribution,” said Frank O’Halloran, QBE’s CEO.