Insurer's American division buys Burnett & Co
QBE has completed the acquisition of US-based underwriting agency Burnett & Co.
The purchase of Burnett was included in QBE’s market announcement on November 26th of last year and was one of five acquisitions announced at the time, including that of ZC Sterling Corporation.
Burnett is a managing general agent, which specialises in underwriting marine and energy liabilities and has operated in the London market for over 30 years. With two offices in the US, in New Orleans and Houston, Burnett comprises over 20 people and achieves an annual premium in excess of $70m.
The acquisition has been made by QBE’s Americas division, the Burnett operation will be managed from London by QBE Marine & Energy Syndicate 1036 under the leadership of Colin O’Farrell, managing director.
O’Farrell said: “QBE has had an excellent relationship with Burnett since the syndicate was formed over 20 years ago and we are delighted that they will form part of the team. It was QBE’s expertise and ability to deploy significant capacity on every line of business that Burnett underwrites that sealed the deal. We look forward to this strengthening our position further.”
QBE said Burnett will continue to trade under its current name for the foreseeable future.