Business Services Industry
Deal to buy Praetorian will more than double QBE's U.S. business; Australian insurer pays $800 million for specialty unit.(News)(QBE Insurance Group Ltd)(Praetorian Financial Group Inc.)
Business Insurance, December, 2006 by Esola, Louise
Byline: LOUISE ESOLA NEW YORK-QBE Insurance Group Ltd.'s agreement to buy New York-based Praetorian Financial Group Inc. for $800 million will significantly boost the Australian insurer's presence in the United States, QBE says. QBE, which reached the agreement with Germany-based reinsurer Hannover Re Group to buy its recently created Praetorian, said it expects to finalize the acquisition in the second quarter of 2007 pending regulatory approvals.
Hannover Re launched Praetorian early this year to take over the specialty business of New York-based Clarendon Insurance Group Ltd., which Hannover purchased in 1998. The acquisition of Praetorian includes Praetorian Insurance Co., Praetorian Specialty Insurance Co. and Redland Insurance Co. Praetorian...
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