
Sep
08
QBE Acquires Seattle Specialty Insurance Services
Posted on Sep 08, 2010 by Sergio Ulloa (G+)
Australia-based QBE has recently announced the acquisition of Seattle Specialty Insurance Services Inc., through its US-based subsidiary Sterling National Corporation. With headquarters in Everett, Washington since 1992, Seattle Specialty Insurance Services has been providing insurance services to financial institutions, and will operate as a wholly-owned subsidiary of Sterling National. There are no major changes anticipated at the top layers of management at Seattle Specialty Insurance Services, so it will continue operating under the leadership of Rick Pedack, founder, president and CEO of the company. The strong platform to provide financial institutions belonging to the medium market segment with critical insurance outsourcing and risk mitigation support were clearly appreciated by Sterling National, and attributed to Mr. Pedack and his management team. In reply, Mr. Pedack said: "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." The CEO of QBE for the Americas, John Rumpler, expressed the commitment of the company to the success of this new acquisition by saying: "We look forward to providing the financial foundation for the Seattle Specialty team to accelerate growth in their target market." No financial details of the transaction were released during the announcement. Insurance Companies mentioned: QBE

