QBE North America has agreed to sell its personal insurance independent agency policies in 47 states to Safeco Insurance, a Liberty Mutual Company.
Image: QBE NA to sell personal insurance business to Safeco. Photo: Courtesy of Photo: Courtesy of rawpixel/Unsplash
Terms of the transaction have not been disclosed. QBE North America’s personal insurance independent agency book of business is sold through more than 900 independent agents and brokers across the US, has two primary lines of business, personal auto and personal property insurance.
QBE North America CEO Russ Johnston said: “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.
“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.”
This agreement is expected to strengthen Safeco’s position in the personal insurance market and provides an opportunity to expand its distribution network.
At the same time, the transaction will let QBE North America to focus on its businesses its excel and can offer distinctive value to the market such as specialty, core commercial, program, crop, Westwood and reinsurance businesses.
Safeco Insurance distribution strategy and operations support senior vice president Gary Fischer said: “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.
“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.”
QBE North America is a subsidiary of QBE Insurance Group, which serves Australia, America, Europe and Asia Pacific region.
The North America division, headquartered in New York, operates through its property and casualty insurance subsidiaries. QBE North America has reported gross written premiums of $4.6bn in 2017.
Based in Massachusetts, Safeco Insurance sells personal, automobile, homeowners and specialty products through a network of 10,000 insurance agencies across the US.