QBE to buy reinsurer Secura

QBE has reached an agreement with KBC Group to buy reinsurance company Secura NV for €267m.

Secura is a specialised European non-life and life reinsurer with a diversified and Europe-focused customer portfolio.

The company is located in Brussels and employs 86 staff. Secura operates on a stand-alone basis within the KBC group.

Secura's 2010 gross written premium is expected to be around €200m.

QBE will maintain Secura's brand, business model, management and staff, while its activities will remain centralised in Brussels.

Post completion, Secura will form part of QBE's European operations reinsurance division in London.

The transaction is expected to close by 31 August 2010 and is subject to relevant regulatory approvals.

QBE chief executive Frank O'Halloran: "We have known Secura for many years. They have a unique client base, a long track record of profitability and an excellent team of experienced insurance professionals.

“Together, the combined expertise and strength of QBE and Secura's reinsurance offering present a significant platform for growth and development."

Johan Thijs, chief executive of KBC group's Belgium Business Unit, said: Secura is a strong brand in the reinsurance sector. We are happy to have found a partner for Secura who will appreciate and further develop the qualities and potential of the company, and can continue to provide it with the necessary resources for further expansion in the reinsurance sector.”

Jan Leflot, chief executive of Secura NV, confirms said: "For many years, Secura has operated as an independent reinsurer within the KBC group. Today, the agreement with QBE will give us the possibility to develop our activities further and explore new markets, building on the strong and unique market position we have built up over the years.

“Together with QBE's other European entities it will be our ambition to reach a leading reinsurance position.'