The acquisition supports New York, N.Y.-based QBE’s commitment to expanding its business through product diversification and new distribution channels, and boosts its position as an insurer in the United States, the company said in a statement.
Terms of the deal, announced April 16, were not disclosed by either party.
QBE the Americas, part of a Sydney, Australia-based QBE Insurance Group Ltd., is one of the top 25 property and casualty insurers in the U.S., with $4 billion in gross written premium in 2009.
Its growth written premium is expected to eclipse $5 billion in 2010 because of the acquisition.
NAU is the nation’s third largest writer of Multi-Peril Crop Insurance (MPCI), a U.S. Department of Agriculture program that provides protection against weather-related and other unavoidable causes of crop loss. The company operates 10 offices across the U.S. and has more than 1,600 independent agents.
QBE’s chief executive officer for the Americas, John Rumpler, said in a statement that the acquisition complements QBE’s agricultural book of business.