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QBE Acquires U.S. Operation Renaissance Re

Posted on 18 Nov 2010

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QBE Insurance Group has agreed to acquire the U.S. insurance operations of Renaissance Re for around US$275 million.

QBE said on Thursday it would acquire about $US215 million worth of net tangible assets and the total acquisition would be funded from existing resources.

The Renaissance Re unit is expected to generate over $US350 million of gross written premium in 2011, and net profit after tax of over $US30 million, QBE said in a statement.

QBE chief executive Frank O'Halloran said the acquisition was complementary to the NAU crop insurance business announced last June.

It was expected to be earnings per share accretive in the first year, he said.