On Sept. 29, OneBeacon Insurance Group completed its previously announced renewal rights and asset sale agreement that transfers its agricultural division to QBE the Americas, a wholly owned division of QBE Insurance Group, Ltd., for approximately $32 million.
From officies in Kansas, the new QBE Agri Division will write farm and ranch, commercial agricultural and companion lines throughout the U.S. with a concentration in 12 core states. QBE Agri anticipates it will write $90 million in premium in 2007.
Coupled with the acquisition of National Farmer’s Union Insurance Company last year, QBE said its agricultural-based business will now be over $300 million in premium.
QBE the Americas’ CEO Tim Kenny remarked: “This acquisition furthers our long standing strategy of focused diversification. I look forward to working with Jim Henry and the Division in creating a defining presence in the US agricultural market.”
QBE the Americas is a division of Australia’s QBE Insurance Group Ltd, one of the top 25 insurers and reinsurers worldwide. The Americas division, headquartered in New York, business through eight companies. In the United States these are: QBE Reinsurance Corp., QBE Insurance Corp., QBE Specialty Insurance Co., National Farmers Union Property and Casualty Co. and United Security Insurance Co. In Latin America, QBE operates through QBE Aseguradora de Riesgos del Trabajo S.A. (Argentina), Compania Central de Seguros, S.A. (Colombia), and QBE Brasil Seguros S.A.
Headquartered in Boston, Mass., OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd.
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