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The Sydney-based insurance group acquired 100% of Elders Insurance Ltd. [77904] and 75% of the rural insurer's agency business Elders Insurance Agency. QBE also subscribed for 12% or 112.5 million of Elders Ltd. shares.
The publicly listed Elders owns Australia's largest rural services network and provides financial services such as banking, insurance, home loans and real estate.
Elders Insurance and Elders Insurance Agency are expected to generate about A$500 million (US$434 million) in gross written premium in 2010, of which A$400 million is the expected additional premium for QBE. Net profit of the two units is expected to be A$30 million for the 2010 calendar year, said QBE in a statement. Net tangible assets are estimated to be A$105 million.
Elders Ltd. will retain 25% stake in Elders Insurance Agency. Adelaide-based Elders has an option to repurchase a further 25% stake in Elders Insurance Agency before Dec. 31, 2012 at the same earnings multiple paid by QBE.
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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