Specialist insurer QBE North America has entered into an agreement with Safeco Insurance, a Liberty Mutual company, involving QBE’s personal insurance independent agency policies in 47 states. Terms of the transaction were not disclosed.
The personal insurance independent agency book of business is sold through more than 900 independent agents and brokers across the country. It consists of two main lines of business: personal auto and personal property insurance. The agreement strengthens Safeco’s position in the personal insurance market and provides the company an opportunity to expand its distribution network. The deal enables QBE North America to focus on other lines of business including its specialty, core commercial, program, crop, Westwood and reinsurance businesses.
“As we sought to focus our strategy as an integrated specialist insurer, we thoughtfully chose Safeco for its ability to consistently deliver an experience of excellence to our agents and customers,” said QBE North America CEO Russ Johnston. “By intensifying our focus, we can leverage our applied expertise to innovate and deliver exceptional end-to-end solutions that not only meet but exceed customer expectations.”
“Safeco prides itself on providing innovative and industry-leading solutions to our agency partners,” said Gary Fischer, senior vice president of distribution strategy and operations at Safeco. “Throughout this process, QBE’s dedication to their customers and independent agent partners has made this partnership particularly exciting to all of us as we work to provide a smooth transition.”