QBE Completes Acquisition of RenRe’s U.S. Insurance Operations

Australia’s QBE announced that it has completed its acquisition of the U.S. admitted insurance businesses of Renaissance Re, which include a U.S. crop and small specialist program insurance business.

QBE said the acquisition supports its “commitment to growing the business through product diversification and new distribution channels, and strengthens its position as a leading insurer in the United States.”

QBE also noted that its Americas Division, headquartered in New York, “conducts business through various property and casualty insurance subsidiaries in 10 countries. QBE’s Americas Division produced $5.2 billion in gross written premium in 2010 and an 89.7 percent combined operating ratio.”

Source: QBE