QBE buys Mexican insurer Cumbre Seguros

SYDNEY, Australia— QBE Insurance Group Ltd., the property and casualty insurer, has acquired Seguros Cumbre S.A. de C.V. (Cumbre Seguros) in Mexico for an undisclosed price.

Cumbre Seguros is a commercial lines insurer of small to medium-sized clients, with offices in Mexico City, Guadalajara and Monterrey. The company wrote $57 million of gross written premium last year.

"The acquisition of Cumbre Seguros is in line with our strategy of gradually building our presence in Latin America," said Frank O'Halloran, chief executive officer, in a statement.