International player QBE Insurance has moved into the Latin American market and bolstered its already considerable European operations with the purchase of Colombian general insurer Central de Seguros and Greenhill Underwriting Group, an agency operating in France, Germany and Spain.

Central de Seguros writes annual group life, personal accident, property, liability and motor insurance. Greenhill Underwriting Group produces property and liability insurance for the London market.

The purchases are part of QBE’s strategy of “geographic and product diversification and growth”, says CEO Frank O’Halloran.

“These recent acquisitions are consistent with this strategy and will assist QBE’s premium growth targets for 2005 and 2006,” he said.

The two acquisitions are expected to generate an annualised gross written premium of about $150 million, and although Mr O’Halloran held back from announcing the purchase prices, the company did say they were “slightly above net tangible assets”.