NU Online News Service, Sept. 3, 10:34 a.m. EDT
Sydney, Australia-based insurance holding company QBE Insurance Group Ltd. said its subsidiary, Sterling National Corp., has acquired Seattle Specialty Insurance Services, Inc.
Financial terms of the transaction were not disclosed.
Headquartered in Everett, Wash., Seattle Specialty has provided insurance services to financial institutions since 1992. It will operate as a wholly owned subsidiary of Sterling National, under the continued leadership of founder, President and Chief Executive Officer, Rick Pedack.
QBE operates out of 49 countries around the globe. The Americas Division, headquartered in New York, conducts business through various property and casualty insurance subsidiaries in eight countries. QBE's Americas Division produced $4 billion in gross written premium in 2009 and an 89.7 combined operating ratio, the company said.
Sterling National, based in Atlanta, provides specialty insurance and technology-enabled solutions for the mortgage servicing industry. It provides hazard insurance tracking and outsourcing services, voluntary homeowners insurance, customized real estate tax services, back office business process outsourcing, and customer care solutions services for lenders, mortgage servicing organizations and homebuilders nationwide.
In addition to Atlanta, Sterling National has operations in California, Florida, Iowa, Nebraska, North Carolina and Texas.
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