Posted on 02 Jul 2010
QBE Holdings has acquired crop insurer The NAU Group from New York-based private equity firm Lightyear Capital LLC. As consideration for the merger, QBE made a cash payment of $565 million and in addition, the stockholders of NAU received a cash dividend of $30 million immediately prior to closing.
Lightyear completed the sale, having originally invested in NAU in May, 2005. Since then, NAU has risen from the seventh to third largest writer of multi-peril crop insurance in the U.S., with a current market share position of 11 percent.
NAU is headquartered in Ramsey, Minn. NAU operates 10 offices across the U.S. and is represented by1,600 independent agents. The company also maintains an A- rating from A.M. Best.