QBE has acquired the specialist marine insurer, British Marine Holdings.

British Marine was founded in 1876 and provides protection and indemnity liability (P&I) and hull and machinery (H&M) insurance to shipowners. It insures over 8,000 small ships in more than 80 countries, through a network of over 250 brokers.

British Marine will retain its existing brand and management team and will continue to operate as a standalone business unit reporting to the QBE management team.

The acquisition is subject to regulatory approvals with completion expected to be before 31 December 2005.

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