Posted on Sep 08, 2010 by Sergio Ulloa
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 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.
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.
Seattle Specialty Insurance Services
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.