NEW YORK, Jan. 20, 2015 /PRNewswire/ -- In keeping with a strategic decision announced last year, QBE North America has entered into an agreement to sell its US Agency business, which includes Community Association Underwriters ("CAU"), Deep South, and SIU, to Alliant Insurance Services. While QBE North America will maintain the underwriting portion of the business, this transaction effectively results in a divestiture from the agency business.
Alliant is one of the nation's largest specialty insurance brokerage firms. With a history dating back to 1925, Alliant provides property and casualty, workers' compensation, employee benefits, surety, and financial products and services to more than 26,000 clients nationwide.
QBE US Agencies will join Alliant subsidiary Alliant Specialty Insurance Services (ASIS), the company's MGA and program administrator.
Of this news, QBE North America CEO Dave Duclos says, "As a global insurance company, QBE remains focused on aligning with specialty distribution partners that can help accelerate our growth and we feel certain that will be the case here. Each of the agencies will remain a valued and key partner of QBE, and we look forward to continuing to grow our program business through these agencies. QBE is committed to working with Alliant and CAU, Deep South, and SIU."
"This acquisition marks a significant milestone in the continued expansion of Alliant's MGA and program administrator business," said Tom Corbett, Chairman and CEO of Alliant. "QBE US Agencies' MGAs have a longstanding track record of targeted market expertise, proven carrier relationships, and strong growth prospects."
Alliant has committed to leave the business under the direction of its current management team and QBE US Agency employees will be transitioned, which will help ensure consistency to clients and partners.
Willis Capital Markets & Advisory is acting as exclusive financial advisor to QBE North America in connection with the transaction. The stock transition deal is expected to close by early February 2015.
QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2013 of $5.855 billion. QBE Insurance Group's 2013 results can be found at www.qbena.com. Headquartered in Sydney, Australia, QBE operates out of 38 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's
About Alliant Insurance Services
Headquartered in Newport Beach, CA, Alliant Insurance Services, Inc. is one of the largest insurance brokerage firms in the United States and has a history dating back to 1925. Alliant provides property and casualty, workers' compensation, employee benefits, surety, and financial products and services to more than 26,000 clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups. More information is available on the company's web site at: www.alliant.com.
SOURCE QBE North America