QBE Insurance Group has announced it will acquire the Australian operations of US-owned CUNA Mutual Group. This is scheduled for completion in March.
The acquisition will increase QBE’s share of the Australian credit union and community-based financial institutions insurance market and has been estimated to generate in excess of $80 million of gross written premium in 2011.
Chief Executive Officer of QBE Insurance Group Frank O’Halloran says the acquisition is a key component in QBE’s strategy of building its presence in the Australian Financial Institutions sector.
“CUNA Mutual Australia is a trusted company with more than 40 years’ track record of successful operations and relationships within this niche environment,” says O’Halloran.
“It is an excellent business with long-term established customers and evidence of improved underwriting performance.”
CUNA Mutual commenced its Australian operations in 1969 to provide white label insurance products to credit unions and building societies. The organisation has built a major specialist presence in the Financial Institutions sector, offering a comprehensive suite of personal lines products to members and customers.
Managing Director Karen Milton says the move is a win for both companies.
“QBE has a successful track record of acquisitions and integrations,” Milton says. “We look forward to continuing our services for customers through this exciting transition.”
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