QBE has taken total ownership of Elders Insurance after last year increasing its stake to 90%.

Elders sold its remaining 10% interest in the underwriting agency to QBE for a price in line with the book value of $18.2 million, a statement to the Australian Securities Exchange says.

Elders but will maintain its board position and the business will continue to use the Elders brand until 2033, under the terms of the marketing agreement.

The underwriting agency made a $3.1 million contribution to its parent’s net profit during the six months to March 31.

But the losses at Elders Financial Planning continued, with the division losing $73,000 for the March 31 half-year. This compared to a loss of $109,000 in the corresponding 2013 period.

Elders has a long history as a stock and station agency and entered insurance in the late 19th century, focusing on rural and regional customers. The business now has a presence in more than 150 locations.

Its offering includes farm and business policies, crop cover, personal home, motor or boat insurance, landlord insurance and commercial fleet.