QBE to Acquire Optima Insurance Group

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.

QBE Latin America CEO Jose Sojo said the acquisition supports QBE's commitment to growing business through product and geographical diversification and new distribution channels.

Optima Insurance Group focuses on small and mid-size selected P&C commercial risks and personal lines, says QBE. Insurance is distributed through a wide network of independent brokers and agents, along with diverse agreements with local financial entities. Sojo said this acquisition will complement QBE's business in the region.

Antonio Ortiz, Optima Insurance Group CEO and founder, will retain his CEO position as QBE´s top executive in Puerto Rico.