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The most active acquirer in the U.S. property-casualty sector of late has been QBE Insurance Group, with the Sydney, Australia-based carrier buying Winterthur U.S. Holdings this month from AXA for $1.16 billion in cash, following its December purchase of Praetorian Financial Group Inc.–the U.S. program business underwriter of Germany-based Hannover Re–for $800 million.

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