QBE completes acquisition of US Renaissance Re unit

QBE Insurance Group Ltd. has completed its acquisition of the US admitted insurance business of Renaissance Re.
The acquisition includes a US crop and small specialist program insurance business.
The cost of the transaction was $275 million.
“The business acquired is expected to generate over $350 million of gross written premium in 2011 and net profit after tax of over $30 million,” QBE reported.
“The acquisition is in line with our strategy of acquiring specialist business to further enhance our product diversification and distribution,” said Frank O’Halloran, QBE’s CEO.