Posted on 03 Sep 2010
Sterling National Corporation, a QBE subsidiary, has acquired Seattle Specialty Insurance Services, Inc. Terms of the purchase were not disclosed.
Seattle Specialty Insurance Services, headquartered in Everett, Washington, has provided insurance services to financial institutions since 1992. It will operate as a wholly owned subsidiary of Sterling National, under the continued leadership of founder, President and CEO, Rick Pedack.
According to Sterling National CEO, Bill Krochalis, "Rick and his management team have built a strong platform to provide middle market financial institutions with critical insurance outsourcing and risk mitigation support." Pedack added, "We are excited about having the support of Sterling National and QBE as we continue to enhance the quality and expand the breadth of services to our clients."
QBE's Chief Executive Officer for the Americas, John Rumpler said, "We look forward to providing the financial foundation for the Seattle Specialty team to accelerate growth in their target market."