istock-515523676_dragonimages-2
iStock/ Dragonimages
14 November 2018Insurance

QBE sells Farmers Union business to National General

Specialist insurer QBE North America is selling its Farmers Union Insurance business to National General Holdings as part of its strategy to reinforce focus on its core offerings and improve future earnings profile.

Farmers Union Insurance consists of the personal insurance and farm owner business, as well as the Telecommunications Insurance Programme (TIP). The deal will be effective in the first half of 2019, subject to customary closing conditions and regulatory approval.

QBE said the agreement will enable it to focus on the businesses where it excels and can offer distinctive value to the market, including its specialty, core commercial, programmes, crop, Westwood and reinsurance businesses.

The deal also provides National General an opportunity to further its position in the personal insurance market and expand its distribution network.

"Being an Integrated Specialist Insurer means offering exceptional value to the market in the areas where we have deep expertise and capabilities," said Russ Johnston, chief executive officer of QBE North America. "We thoughtfully chose to move this area of the business to National General for its ability to consistently deliver an experience of excellence to our agents and customers.

"By intensifying our focus, we hope to improve our future earnings profile and enhance our ability to deliver our core capabilities to our limited and preferred distribution network."

National General chief executive officer Barry Karfunkel, said: "I am extremely excited about the acquisition of Farmers Union Insurance. This niche business fits well with our existing book and will further diversify both our geographic reach and distribution networks.

"We appreciate the long-standing business that QBE has created in this market, positioning National General to take the business to the next level through our leading capabilities and platform. We look forward to welcoming the talented Farmers Union Insurance team to National General."

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

California wildfires to cause record losses: AM Best

Covéa CEO resigns from SCOR board

Enstar creates Cayman insurer following Maiden deal

Willis mulls Central Asian market growth with new Kazakhstan operation

Hamilton Re poaches head of risk XS from Hiscox

Antares partners with insurtech Concirrus to increase profitability at Lloyd's

Everest hires from OneBeacon, Starr for private/not-for-profit group

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
22 November 2019   It has received regulatory approval for the sale of Euro Accident Health and Care Insurance.
Insurance
6 November 2018   QBE Insurance Group has invested in cyber risk management firm Zeguro’s $5 million seed funding round through its venture capital arm QBE Ventures while creating a cybersecurity solution for small to medium enterprises (SMEs) in a partnership.
Insurance
5 November 2018   Re/insurer QBE has unveiled plans to consolidate its Asian and European operations into a "large and better resourced" international division; it will also merger its Pacific business with its Australian & New Zealand operations.