QBE North America, an integrated specialist insurer, has entered into an agreement with Safeco Insurance, a Liberty Mutual Company, with respect to QBE's personal insurance independent agency policies in 47 states. The agreement is effective August 15, 2018.
The personal insurance independent agency book of business, which is sold through more than 900 independent agents and brokers nationwide, consists of two primary lines of business: personal auto and personal property insurance. The agreement further strengthens Safeco's position in the personal insurance market and provides an opportunity to expand its distribution network. At the same time, it enables QBE North America to focus on the businesses where it excels and can offer distinctive value to the market, including its specialty, core commercial, program, crop, Westwood and reinsurance businesses.
"As we sought to focus our strategy as an integrated specialist insurer, we thoughtfully chose Safeco for its ability to consistently deliver an experience of excellence to our agents and customers," said Russ Johnston, CEO of QBE North America. "By intensifying our focus, we can leverage our applied expertise to innovate and deliver exceptional end-to-end solutions that not only meet but exceed customer expectations."
"Safeco prides itself on providing innovative and industry-leading solutions to our agency partners. Our book transfer capabilities ensure a great experience for carriers, agents and customers alike," said Gary Fischer, Senior Vice President of Distribution Strategy and Operations Support at Safeco Insurance. "Throughout this process, QBE's dedication to their customers and independent agent partners has made this partnership particularly exciting to all of us as we work to provide a smooth transition."
The terms of the transaction were not disclosed. Deutsche Bank Securities Inc. acted as exclusive financial advisor and Locke Lord LLP acted as legal counsel to QBE.
About QBE North America
QBE North America, an integrated specialist insurer, is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2017 of $4.6 billion. QBE Insurance Group's 2017 results can be found at www.qbe.com. Headquartered in Sydney, Australia, QBE operates out of 31 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
