NEW YORK, June 1, 2011 /PRNewswire/ — QBE today announced it has completed acquisition of the Balboa Insurance portfolio.

First announced in early February, the transaction includes a long-term distribution agreement with Bank of America for lender placed and voluntary homeowners, contents, motor and other related consumer lines and associated services. In addition, the acquisition includes Balboa’s employees, systems and client relationships.

“The acquisition supports QBE’s commitment to growing the business through product diversification and new distribution channels,” says QBE the Americas Chief Executive Officer John Rumpler. “It also complements our current book of business and our high level of customer service.”

QBE Insurance Group Limited is one of the top 25 insurers and reinsurers worldwide. Headquartered in Sydney, Australia, QBE operates out of 49 countries around the globe, with a presence in every key insurance market. The Americas Division, headquartered in New York, conducts business through various property and casualty insurance subsidiaries in 10 countries. QBE’s Americas Division produced $5.2 billion in gross written premium in 2010 and an 89.7 percent combined operating ratio. QBE Insurance companies are rated “A” (Excellent) by A.M. Best and “A+” by Standard and Poor’s. For more information, visit qbe.com.

SOURCE QBE Insurance Group Limited