After purchasing specialist marine insurer British Marine Holdings for $270 million last week, QBE Insurance expects to spend as much as $500 million more on another two sizeable acquisitions before the end of the year.

The British Marine deal brings the number of QBE acquisitions so far this year to five. It’s also the Sydney-based group’s biggest deal since the $900 million purchase of Limit at Lloyd’s in 2000.

British Marine provides indemnity, liability and hull and machinery insurance to 8000 ship-owners in more than 80 countries, through a network of more than 250 brokers. It’s expected to sell gross written premium of $175 million this year.

QBE CEO Frank O’Halloran says British Marine is an extremely well run company in the specialised small ship insurance market. “QBE’s financial strength and network will enable British Marine to grow its business and improve capital efficiency,” he said in a statement.

The acquisition is expected to be completed by December 31 and is subject to regulatory approvals.

Last year QBE bought nearly a dozen companies, and Mr O’Halloran says it has identified 15 more acquisition opportunities. He expects to have purchased another two companies similar to the size of British Marine by the end of this year.

About 70% of QBE’s earnings now come from its offshore businesses.