Australia's QBE to buy U.S. rural insurer.Australia's QBE Insurance QBE Insurance Group Limited ASX: QBE is an Australian based general insurance provider, providing insurance services mainly to the Asia Pacific region, but also America and Europe. It has offices in 44 countries. Group Ltd. said it would acquire Colorado-based National Farmers Union Property & Casualty Co. for about $140 million, giving QBE (Query By Example) A method for describing a database query originally developed by IBM for mainframes. A replica of an empty record is displayed and the search conditions are typed in under their respective columns (fields). an expanded role in specialty property/casualty business in several Midwestern U.S. states. Under terms of the agreement, QBE's Philadelphia-based QBE Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corp. will acquire National Farmers Union and its subsidiary, United Security Insurance Co. National Farmers Union writes personal and commercial business in nine Midwestern states, including automobile, "main street commercial," homeowners and farmowners coverage. It also writes specialty package insurance for small regional and rural telephone and communications operators in 34 states. QBE would fund the acquisition from existing resources, Frank O'Halloran, QBE's chief executive officer, said in a statement. National Farmers Union is a subsidiary of Boston-based OneBeacon Insurance Group OneBeacon Insurance Group offers a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and , which itself is owned by White Mountains Insurance Group White Mountains Insurance Group is a holding company with business interests in property and casualty insurance, and reinsurance. The group owns the direct marketing insurer Esurance. External links
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