US insurer CNA Financial Corporation has completed the sale of its Argentinean subsidiary to QBE’s rapidly growing Americas unit.

The $US66.3 million ($77.3 million) sale of CNA Aseguradora de Riesgos del Trabajo (CNA ART) was announced by the Chicago-based insurer last week.

QBE is already one of the largest workers’ compensation insurers in Argentina, and CNA CEO Tom Motamed says the acquisition by QBE is “a good transaction for all parties that allows CNA ART and its employees to become part of a quality organisation”.

The deal caps off a busy couple of months for QBE the Americas, which last month bought major US crop insurer NAU Country Insurance Co for $US565 million ($659.2 million).

QBE the Americas is now one of the top 25 property and casualty insurers in the US, with the NAU Country Insurance acquisition bringing its expected gross written premium this year to more than $5 billion.

The impact on earnings of the CNA ART sale has not yet been revealed by QBE.

The division operates in 40 locations spanning 22 US states and four Latin American countries.