QBE Insurance has acquired mortgage insurer Seattle Specialty Insurance Services through its subsidiary, Sterling National. The financial terms of the deal have not been released.

Washington-based Seattle Specialty has provided insurance services to financial institutions since 1992 and will now operate as a wholly owned subsidiary of Sterling National under CEO Rick Pedack.

Sterling National provides specialty insurance and technology solutions for the mortgage servicing industry. CEO Bill Krochalis says the management team at Seattle Specialty has “built a strong platform to provide middle market financial institutions with critical insurance outsourcing risk management support”.