CORRECTED – CORRECTED-Australia’s QBE buys U.S. insurer for $565 mln

(Corrects figure in first paragraph to $565 million from $565)

SYDNEY, April 16 (BestGrowthStock) – QBE Insurance Group (QBE.AX: ),
Australia’s top insurer by premium income, said on Friday it
has bought NAU Country Insurance for $565 million and sees the
deal adding 3-4 percent to earnings per share in year one.

NAU, which wrote $976 million in 2009, is the third largest
writer and manager of Multi-Peril Crop Insurance (MPCI) in the
U.S.

QBE has made 75 acquisitions in the last 10 years to spread
to 47 countries and Chief Executive Frank O’Halloran has said
the insurer is looking at assets in Europe, the United States,
Latin America and Australia.

Stock Market Report

(Reporting by Narayanan Somasundaram; Editing by Balazs
Koranyi)

CORRECTED – CORRECTED-Australia’s QBE buys U.S. insurer for $565 mln