QBE North America sells personal insurance business to Liberty
Specialist insurer QBE North America, a unit of Australia’s QBE Insurance Group, has agreed to sell its personal insurance business to Safeco Insurance, a Liberty Mutual Company.
The personal insurance business consists of independent agency policies in 47 states. The agreement is effective Aug. 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 deal enables Safeco to expand its distribution network. QBE North America wants to focus on its specialty, core commercial, programme, 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."
Gary Fischer, senior vice president of distribution strategy and operations support at Safeco Insurance, added: "Our book transfer capabilities ensure a great experience for carriers, agents and customers alike."
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