QBE will increase its stake in the Elders insurance joint venture to 90% from 75%, as the rural services company completes a reorganisation.

The partners have reached an in-principal agreement on the transaction, which is subject to “customary conditions”, Elders says.

QBE bought the Elders underwriting operation and a 75% stake in the agency network business in 2009.

Elders says it will maintain its board position on the distribution joint venture, and use of the brand name will be extended to expire in 2033.

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