QBE Group has further expanded its global reach with a share purchase agreement to acquire Belgian specialist reinsurer Secura NV for €267 million ($386 million).

Secura writes property, motor, casualty and speciality reinsurance in Europe, with about 54% of its gross written premium (GWP) last year coming from southern Europe.

The purchase price reflects minimum net tangible assets of €205 million ($297 million), and will be increased or decreased by the amount of the movement in the net tangible assets from January 1 this year to completion, which is scheduled for the end of next month.

Investment assets included in the balance sheet are valued at about €900 million ($1.3 billion), and the company’s GWP this year is expected to be about €200 million ($289 million).

The acquisition remains subject to regulatory approvals. Secura will then become part of QBE’s European Reinsurance division, which is headquartered in London.

QBE CEO Frank O’Halloran says the acquisition meets the company’s objective of earnings per share accretion in the first year.

“We have known Secura for many years,” he said. “They have a unique client base, a long track record of profitability and an excellent team of experienced insurance professionals. There is little duplication with our existing reinsurance business.”