Wednesday, September 01, 2010
(New York, NY) - QBE today announced that its subsidiary,
Sterling National Corporation, has acquired Seattle Specialty
Insurance Services, Inc. Terms of the purchase were not
disclosed.
Headquartered in Everett, Wash., Seattle Specialty Insurance
Services 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."
About QBE
QBE Insurance Group Limited is one of the top 25 insurers and
reinsurers worldwide. Headquartered in Sydney, Australia, QBE
operates out of 49 countries around the globe, with a presence in
every key insurance market. The Americas Division, headquartered in
New York, conducts business through various property and casualty
insurance subsidiaries in eight countries. QBE's Americas Division
produced $4 billion in gross written premium in 2009 and an 89.7
combined operating ratio. QBE Insurance companies are rated "A"
(Excellent) by A.M. Best and "A+" by Standard and Poor's. For more
information, visit qbe.com.
Seattle Specialty Insurance Services Inc.
Seattle Specialty Insurance Services, Inc. is among the leading
independent providers of insurance coverage and specialized
services to the financial services industry. Specializing in
lender-placed commercial and residential property, auto, and flood
risks, Seattle Specialty has been providing innovative and reliable
insurance, operational support, and risk management solutions since
1992. www.seattlespecialty.com
About Sterling National
Sterling National Corporation, a member company of the QBE
Insurance Group, is among the nation's largest providers of
specialty insurance and technology-enabled solutions for the
mortgage servicing industry. It provides hazard insurance tracking
and outsourcing services, voluntary homeowners insurance,
customized real estate tax services, back office business process
outsourcing, and customer care solutions services for lenders,
mortgage servicing organizations and homebuilders nationwide.
Sterling National is headquartered in Atlanta, Georgia with
operations in California, Florida, Iowa, Nebraska, North Carolina
and Texas. www.sterlingnationalcorp.com
