Wednesday, June 01, 2011
(New York, NY) - QBE today announced it has completed
acquisition of the Balboa Insurance portfolio.
First announced in early February, the transaction includes a
long-term distribution agreement with Bank of America for lender
placed and voluntary homeowners, contents, motor and other related
consumer lines and associated services. In addition, the
acquisition includes Balboa's employees, systems and client
relationships.
"The acquisition supports QBE's commitment to
growing the business through product diversification and new
distribution channels," says QBE the Americas Chief Executive
Officer John Rumpler. "It also complements our current book of
business and our high level of customer service."
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 10 countries. QBE's Americas Division
produced $5.2 billion in gross written premium in 2010 and
an 89.7 percent 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.
