QBE Insurance Group announced an agreement to acquire the U.S. insurance operations of Renaissance Re, which include a U.S. crop and small specialist program insurance business. The acquisition is subject to regulatory approvals, and completion is expected in March 2011.
QBE announced that the purchase price is expected to be around US$275 million, with net tangible assets acquired of approximately US$215 million. The acquisition will be funded from QBE's existing resources.
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