AXA has sold Winterthur U.S. Holdings to QBE Insurance Group for $1.16 billion cash, the second acquisition of an insurance company in the United States by the Sydney, Australia-based company in less than a month.
The transaction is subject to regulatory approval and is expected to close during the second quarter of this year, the companies said.
Winterthur U.S., based in Sun Prairie, Wis., is a property-casualty holding company operating General Casualty, based in Wisconsin, and Unigard Insurance Group, which is based in Bellevue, Wash. Winterthur U.S. writes its business through 1,700 independent agents in 33 states. The company said it recorded gross written premiums last year of $1.5 billion and employs 2,150 people throughout the United States.
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