QBE has announced the acquisition of National Farmers Union Property and Casualty Company and its wholly owned subsidiary United Security Insurance Company for $140m.

The deal is said to increase QBE's annual gross written premium from the Americas to around $1.4bn.

Frank O'Halloran, QBE's chief executive, said: "This acquisition provides QBE with an opportunity to expand its US regional business in states and classes of business that are complementary to its existing sizeable operations."

The agreement is subject to regulatory approvals.

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