Leading underwriting agency Concord Insurance Group has become a fully owned operation of QBE Insurance. Concord founder and MD Ron Smith announced this morning that an agreement has been reached to complete the acquisition of the remaining 50% share of Concord by QBE.

The Concord operation will become part of the QBE Commercial division. All executive directors will be staying on in their present roles for two years from July 1.

Mr Smith says his objective is to transfer all Concord staff to QBE Commercial “in a way that ensures a seamless transition for our intermediaries”.

Concord, which was established 27 years ago, will “retain its reputation for excellent service and experience under the QBE banner,” Mr Smith said.

“During this transition it will be business as usual.”

This acquisition does not include QBE Placement Solutions or Underwriting Marketing Services, where Mr Smith and Concord co-founder Ian Parsons still retain a 50% shareholding.