QBE Completes Acquisition of Renaissance Re U.S. Insurance Operations

NEW YORK, March 7, 2011 /PRNewswire/ -- QBE today disclosed that it has completed its previously announced acquisition of the U.S. admitted insurance businesses of Renaissance Re, which include a U.S. crop and small specialist program insurance business. The acquisition supports QBE's commitment to growing the business through product diversification and new distribution channels, and strengthens its position as a leading insurer in the United States.

QBE Insurance Group Limited is one of the top 25 insurers and reinsurers worldwide. Headquartered in Sydney, Australia, QBE operates out of 49 countries around the globe, with a presence in every key insurance market. The Americas Division, headquartered in New York, conducts business through various property and casualty insurance subsidiaries in 10 countries. QBE's Americas Division produced $5.2 billion in gross written premium in 2010 and an 89.7 percent combined operating ratio. QBE Insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard and Poor's. For more information, visit qbe.com.

SOURCE QBE Insurance Group Limited

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