QBE the Americas today announced its entry into a binding agreement for the acquisition of OneBeacon Insurance Company's Agri-Business Division. The transaction is expected to close on Sept. 29.
From its Kansas offices, the Agri-Division writes farm and ranch, commercial agricultural and companion lines throughout the United States, with a concentration in 12 core states.
The division writes through a long-standing independent agent network.
The division's employees and management will join QBE, "effecting a business-as-usual transition," QBE said.
The division produced $85.7 million in gross written premium in 2005, and QBE projects it will write approximately $93 million in premium this year.
As part of the acquisition, QBE will secure renewal rights on the division's book of business.
"This acquisition will enable us to continue to meet our goals of sensible growth, geographic spread and product line diversification," said Tim Kenny, CEO of QBE the Americas.
"This acquisition will give us a defining presence in the agricultural market and fits very well with National Farmers Union Insurance Co., which we acquired last year," he added.
QBE the Americas is a division of Australia's QBE Insurance Group Ltd. The Americas division, headquartered in New York, is a leading North and South American insurer and reinsurer. The division conducts business through eight companies.
In the United States its affiliates are: QBE Reinsurance Corp., QBE Insurance Corp., QBE Specialty Insurance Co., National Farmers Union Property and Casualty Co., and United Security Insurance Co.
In Latin America, QBE operates through QBE Aseguradora de Riesgos del Trabajo S.A. (Argentina), Compania Central de Seguros, S.A. (Colombia) and QBE Brasil Seguros S.A.
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