QBE announces acquisition of Seattle Specialty Insurance Services, Inc.

Wednesday, September 01, 2010

(New York, NY) - QBE today announced that its subsidiary, Sterling National Corporation, has acquired Seattle Specialty Insurance Services, Inc. Terms of the purchase were not disclosed.

Headquartered in Everett, Wash., Seattle Specialty Insurance Services has provided insurance services to financial institutions since 1992. It will operate as a wholly owned subsidiary of Sterling National, under the continued leadership of founder, President and CEO, Rick Pedack.

According to Sterling National CEO, Bill Krochalis, "Rick and his management team have built a strong platform to provide middle market financial institutions with critical insurance outsourcing and risk mitigation support." Pedack added, "We are excited about having the support of Sterling National and QBE as we continue to enhance the quality and expand the breadth of services to our clients."

QBE's Chief Executive Officer for the Americas, John Rumpler said, "We look forward to providing the financial foundation for the Seattle Specialty team to accelerate growth in their target market."

About QBE

QBE Insurance Group Limited is one of the top 25 insurers and reinsurers worldwide. Headquartered in Sydney, Australia, QBE operates out of 49 countries around the globe, with a presence in every key insurance market. The Americas Division, headquartered in New York, conducts business through various property and casualty insurance subsidiaries in eight countries. QBE's Americas Division produced $4 billion in gross written premium in 2009 and an 89.7 combined operating ratio. QBE Insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard and Poor's. For more information, visit qbe.com.

Seattle Specialty Insurance Services Inc.

Seattle Specialty Insurance Services, Inc. is among the leading independent providers of insurance coverage and specialized services to the financial services industry. Specializing in lender-placed commercial and residential property, auto, and flood risks, Seattle Specialty has been providing innovative and reliable insurance, operational support, and risk management solutions since 1992. www.seattlespecialty.com
About Sterling National
Sterling National Corporation, a member company of the QBE Insurance Group, is among the nation's largest providers of specialty insurance and technology-enabled solutions for the mortgage servicing industry. It provides hazard insurance tracking and outsourcing services, voluntary homeowners insurance, customized real estate tax services, back office business process outsourcing, and customer care solutions services for lenders, mortgage servicing organizations and homebuilders nationwide. Sterling National is headquartered in Atlanta, Georgia with operations in California, Florida, Iowa, Nebraska, North Carolina and Texas. www.sterlingnationalcorp.com