Australia’s QBE announced that it has acquired Reliance National Brasil Seguros, S.A. and has renamed the company QBE Brasil Seguros, S.A.,headquartered in Sao Paulo with a branch in Recife, one of the main business centers in the Northeastern Region of the country.
Tim Kenny, President and CEO of QBE the Americas stated that “The acquisition again provides QBE with the opportunity to expand its presence in Latin America while complimenting other operations in Argentina, Panama, Mexico and Peru.” QBE Brasil will be managed through QBE’s New York office.
With annual gross written premium of approximately $7 million, the acquisition will increase QBE’s other Latin American operations. It currently underwrites business in the region through QBE Reinsurance Corporation, QBE Del Istmo Reinsurance Company and its Lloyds and European company operations.
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