QBE unit acquires U.K. regional operations of Brit Insurance Holdings

LONDON—QBE European Operations P.L.C., the London-based business unit of Sydney-based QBE Insurance Group Ltd., has acquired the U.K. regional operations of Amsterdam-based Brit Insurance Holdings B.V., the companies said on Tuesday.

Under the agreement, QBE will acquire the renewal rights for the business underwritten by Brit Insurance Ltd. It also will acquire the operation's 130-member staff spread across eight locations in the U.K. Brit Insurance Ltd. CEO Ray Cox and QBE's Head of U.K. National Elliot Miller will jointly lead the integration of the Brit and QBE regional operations and locations.

QBE CEO Steven Burns said the combined operations will have meaningful scale and enhances the company's market position in London and the southeast of England.

“Ray Cox and the Brit U.K. team have built up a much-respected franchise and will bring a wealth of experience and talent to QBE,” Mr. Burns said in a statement. “Their strength in specializing in the U.K. regional sector, particularly for property business, is highly complementary and additive to QBE's existing account based around our traditional casualty and motor bias.”

The transaction is part of Brit's an ongoing reorganization launched after the company was acquired by Amsterdam-based Achilles Netherlands Holdings B.V. in 2011.

“We believe QBE is the ideal home for the Brit U.K. team to continue to develop the outstanding franchise they have built up over many years under our umbrella,” said Mark Cloutier, CEO of Brit Insurance Holdings B.V. in a statement. “For the overall Brit group, this transaction delivers a key aspect of our strategy to consolidate and focus our underwriting within Lloyd's.”