QBE adds to US acquisitions with North Pointe deal

US business is forming an increasingly important part of the Australian insurer’s portfolio

Australia’s QBE Insurance Group is set to further expand its US operations with its acquisition of NASDAQ-listed property/casualty insurer North Pointe Holdings for US$146mn. QBE says the acquisition, which is expected to close during the first half of 2008 on gaining US regulatory and North Pointe shareholder approvals, will be funded from existing excess capital held in the US.