QBE completes US acquisition
While maintaining its interest in acquiring Insurance Australia Group, QBE has today confirmed it has completed its acquisition of US-based North Pointe Holding Corporation.
Commenting on the completion of the US acquisition, QBE chief executive Frank O’Halloran said it would enhance the group’s distribution in regional USA, adding over 1,900 independent and affiliated agents targeting niche markets in the small business segment.
He also claimed that North Point would be earnings per share accretive in the first year before estimated yearly synergies of US$15 million after tax from 2009.
QBE confirmed the purchase price of the acquisition was US$146 million, which had been funded from internal resources.
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Mike Taylor
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