QBE buys Secura NV from KBC Group

QBE has completed its acquisition of Belgium-based specialist reinsurer Secura NV.

It comes after QBE reached an agreement with KBC Group in July to buy Secura for €267m.

Secura employs 86 staff and is expected to have gross written premiums around €200m in 2010.

KBC’s parental guarantee of Secura NV will no longer apply to new contracts and renewals, QBE said.