QBE Insurance Group has agreed to acquire NAU Country Insurance, a provider of crop insurance in the U.S., NAU Country Insurance reports. The $565 million deal is expected to close in July 2010. QEB is buying the specialist business to further enhance its product diversification and distribution.
The deal would add 3-4% to QBE’s earnings per share in the first year. The company is planning to fund the acquisition through cash and short-term borrowings. QEB, which made 75 acquisitions in 47 countries in the past 10 years, is in talks for takeovers in Europe, the US, Latin America and Australia, adds Reuters.
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