NU Online News Service, Sept. 15, 2:38 p.m. EDT
Australian insurer QBE announced it has acquired the CIGNA special risk, student and sports accident insurance book of business. Financial terms were not disclosed.
Sidney-based QBE said the purchase would enhance its existing QBE Specialty Insurance health practice, a portfolio that provides medical expense coverage for students, athletes and participants in camps, clubs, day-care centers, and a range of other youth and adult group activities.
The firm said key members of CIGNA's existing specialty accident unit are joining QBE and relocating to a new office in Plymouth Meeting, Pa.
QBE also said it is retaining CIGNA's current managing general agents and third-party administrators who will work with QBE Specialty's New York-based health team, directed by Senior Vice President Thomas Leonardo, to ensure a high level of service and continuity during and after this transition.
Stephen Fitzpatrick, president, QBE Specialty Insurance, said, "The CIGNA team and its partners have many years of experience and a solid track record of exceptional service for agents, policyholders and claimants alike. They're adding to our expertise in this distinct market and further strengthening our commitment to the accident and health underwriting business."
QBE said its Specialty Insurance is dedicated to distinct niche programs customized to meet the insurance needs of specific industries or business segments.
It added that QBE Specialty Insurance partners with retail program administrators and more than 80 managing general agents and writes in all 50 states. It recorded gross written premium of more than $1.5 billion in 2008.
QBE Specialty Insurance is part of QBE Insurance Group Limited, operating in 45 countries, with a presence in key insurance markets. The Americas Division, headquartered in New York, conducts business through various property and casualty insurance subsidiaries in eight countries.
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