QBE Insurance Group has agreed to acquire Optima Insurance Group, a Puerto Rico-based underwriting group.

Optima Insurance Group focuses on small and mid-size selected property and casualty commercial risks and personal lines.

The transaction includes Colonial Insurance Agency, managing general agents in the marketplace.

As part of the acquisition, Ortiz will retain his CEO position as QBE executive in Puerto Rico.

QBE Insurance Group CEO Jose Sojo said that the acquisition supports QBE’s commitment to growing the business through product and geographical diversification and new distribution channels. It also strengthens its position as a leading insurer in the region.

The transaction is expected to complete in March 2012 and is subject to the regular approval by Insurance Commissioner of Puerto Rico.