QBE Completes Acquisition of NAU Country Insurance

NEW YORK, July 1 /PRNewswire/ -- QBE the Americas today disclosed that it has completed its previously announced acquisition of NAU Country Insurance Company, a leading writer of crop insurance business based in Ramsey, Minn.

The acquisition supports QBE's commitment to growing the business through product diversification and new distribution channels, and strengthens its position as a leading insurer in the United States. QBE the Americas is one of the top 25 property and casualty insurers in the U.S., with $4 billion in gross written premium in 2009 and, with this acquisition's completion, an estimated GWP of over $5 billion in 2010.

NAU is the nation's third largest writer of Multi-Peril Crop Insurance (MPCI), a U.S. Department of Agriculture program that provides protection against weather-related and other unavoidable causes of crop loss. The company operates 10 offices across the U.S. and has over 1,600 independent agents.

QBE's Chief Executive Officer for the Americas, John Rumpler, says the acquisition complements QBE's agricultural book of business as well as fits the company's focus on superior customer service. "NAU has the expertise and knowledge to accommodate a very diverse range of crops and meet the unique insurance requirements of farmers and growers," he says.

The NAU transaction was originally announced on April 16.

QBE Insurance Group Limited is one of the top 25 insurers and reinsurers worldwide. Headquartered in Sydney, Australia, QBE operates out of 48 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.

SOURCE QBE the Americas