Newport Beach-based Alliant Insurance Services Inc. agreed to pay about $300 million to acquire QBE US Agencies, the U.S. operations of Sydney, Australia-based QBE Insurance Group Ltd.
The deal includes a cash payment of $217 million, with the remainder to be paid over the next five years, according to a QBE statement.
QBE US Agencies is a group of three specialty-focused enterprises composed of Glendale-based SIU Managers, which specializes in the earthquake market; Irving, Texas-based Deep South Insurance Services, which focuses on the transportation industry; and Newtown, Pa.-based Community Association Underwriters of America, which serves community associations, condos and homeowners associations.
The three agencies will become part of Alliant subsidiary Alliant Specialty Insurance Services, which is headed by President Sean McConlogue.
Alliant is among the largest U.S. insurance brokerages and the largest with headquarters in OC. It had about $548 million in revenue in 2013, the latest available.
