QBE announced on Tuesday it had agreed to acquire Greenhill Underwriting Group, subject to regulatory approval, to enhance its strength and profile in the continental European market.
Greenhill is a UK-based underwriting agency with offices in Paris, Dusseldorf and Madrid that provide underwriting and administrative services. The gross written premium in 2004 for Greenhill was approximately EUR 45 million, covering property, professional indemnity and general liability business.
Greenhill currently places its business via the Lloyd’s market and it is QBE’s intent to replace this underwriting capacity with its own.
Steven Price, managing director of QBE’s European Commercial Division, noted, “Their portfolio of business complements the existing lines we write in the European Commercial Division and I believe we will be able to identify and achieve many synergies for growth through this new channel.
“Greenhill’s addition to QBE is part of a wider, considered approach to enhance our distribution in continental Europe. This is modelled on the approach we have developed in France of pursuing the more niche segments of business.”
Steven Burns, CEO, QBE European Operations, noted, “QBE is an established player in Europe. This acquisition means we now have even greater local representation and so will be able to forge much closer alliances and better relationships with our brokering partners and clients, ensuring we are able to deliver the service they deserve from us as an insurer.
“I feel that the European market has further potential for development which we will continue to investigate. Greenhill provides an excellent strategic fit with QBE recognising its profitability over time, quality management and disciplined underwriting,” added Burns.
Topics Europe Underwriting
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