QBE Insurance has widened its footprint in the US with the acquisition of North Pointe Holdings, a Nasdaq-listed property and casualty insurer, for $US146 million ($165.7 million), yesterday.
In a statement yesterday, QBE Group chief executive officer Frank O'Halloran said the acquisition would meet QBE's acquisition criteria including earnings-per-share accretion in year one.
"It will also enable us to achieve further synergies with our existing business," he said.
QBE the Americas president and chief executive Tim Kenny said: "The acquisition is complementary to our recent US acquisitions and further increases our distribution through independent and affiliated agents."
In the past 18 months, QBE acquired the Wisconsin-based Winterthur US and Praetorian Financial Group for a total of almost $US2 billion.
North Pointe writes about $US150 million of gross written insurance premium in specialist markets involving owner-operated small and mid-sized restaurants, bars, taverns, small grocery and roller-skating centres. Its products are distributed through a network of 1900 independent and affiliated agents.
The sale of North Pointe has to be approved by the US Securities and Exchange Commission.
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