Australia-based insurance group QBE Holdings has completed the acquisition of RenaissanceRe Holdings' US-based admitted insurance operations.

Under this transaction, QBE acquired the RenaissanceRe’s US property and casualty business underwritten through managing general agents, and the crop insurance business underwritten through Agro National and the commercial property insurance operation.

The consideration for this transaction was about $275m.

RenaissanceRe Holdings CEO Neill Currie said that with the successful consummation of this transaction, RenaissanceRe is repositioned to be more nimble and sharply focused.

"We will continue to participate selectively in the US insurance market through our Lloyd’s syndicate, RenaissanceRe Syndicate 1458, on a non-admitted basis as opportunities arise," Currie said