Thursday, November 18, 2010
QBE Insurance Group today announced
that it has agreed to acquire the US insurance operations of
Renaissance Re, which include a US crop and small specialist
program insurance business. The acquisition is subject to
regulatory approvals, with completion expected in March 2011.
The purchase price is expected to be around US$275 million, with
net tangible assets acquired of approximately US$215 million. The
acquisition will be funded from existing resources.
The business acquired is expected to generate over US$350
million of gross written premium in 2011 and net profit after tax
of over US$30 million.
Mr Frank O'Halloran, QBE's Chief Executive Officer, said "The
acquisition is in line with our strategy of acquiring specialist
businesses to further enhance our product diversification and
distribution. The acquisition is complementary to the NAU crop
insurance business announced in June this year. The acquisition is
expected to be earnings per share accretive in year one, subject to
the usual caveats."
For further information, please contact:
Investor Relations
Tel: +612 9375 4636
investor.relations@qbe.com
QBE Insurance Group Limited
ABN 28 008 485 014
82 Pitt Street
SYDNEY NSW 2000
Australia
Media Enquiries
Taurus Marketing
Tel: +612 9415 4528
mediaenquiries@qbe.com
QBE Insurance Group Limited is listed on the Australian
Securities Exchange, is recognised as one of the top 25 global
insurance and reinsurance companies as measured by net earned
premium and has operations in 49 countries.
