QBE Insurance Group will acquire Optima Insurance Group, an underwriting group in Puerto Rico that posted an estimated $100 million in gross written premium in 2011.

QBE says the transaction includes Colonial Insurance Agency, a managing general agent, as well as Optima Insurance Co., a P&C insurer, and New Century Financial Corp., which provides financing for Optima and Colonial clients. Completion of this transaction is expected in March 2012 and is subject to regulatory approval by the insurance commissioner of Puerto Rico.

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