QBE has paid $US275 million ($277.3 million) for the US general insurance operations of Renaissance Re.

The acquisition includes a crop insurance business and will be “complementary to the NAU crop insurance purchase [announced] in June this year,” CEO Frank O’Halloran said in a statement.

The acquisition will be funded by existing resources and completed in March. It should generate more than $US350 million ($353 million) in gross written premium next year and net profit of more than $US30 million ($30.2 million).

“The acquisition is in line with our strategy of acquiring specialist businesses to further enhance our product diversification and distribution,” Mr O’Halloran said.

It’s the fourth purchase by QBE in the US market this year and its 46th in the past five years. QBE says these have contributed to 86% of the company’s growth in profit over that time.