QBE buys Brit’s UK regional business
QBE has announced the purchase of Brit’s renewal rights for the UK regional operations business with the transaction expected to be completed on 13 April.
The deal for an undisclosed fee sees the Brit UK underwriting and support teams, led by Ray Cox with almost 130 staff spread across eight locations in the UK, transferring to QBE. On completion of the deal the teams will continue to service existing renewals, as well as broker and client relationships.
The last takeover deal involving Brit was in October 2010 when Achilles, a company made up of Apollo Management and CVC Capital Partners, agreed to pay £888m for the insurer. The deal was
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