UK renewal rights acquisition to expand QBE’s portfolio to £500m
Brit’s UK regional business is expected to deliver an additional £175m in gross written premium in its first full year following its acquisition by QBE Insurance Group earlier this year.
The Australian insurer bought the renewal rights to Brit’s UK regional operations in April 2012 for an undisclosed sum.
QBE said it in its half-year results that policies renewed since 1 May had boosted GWP by £8m.
Brit’s UK regional book is about half of QBE’s regional business with the expanded portfolio’s combined GWP expected to be around £500m.
QBE said in its results: “The Brit portfolio specialises in the SME/micro sector of the regional market where QBE previously had no significant presence and includes a property bias, which complements our casualty and motor focus thereby offering a sound strategic fit over and above the obvious integration synergies.”