QBE has completed its purchase of HIH’s profitable New Zealand operation. It has also acquired the business of Ready Plan Insurances, HIH’s NZ travel arm, as well as its accident compensation company, HIH WorkAble.

The transition will be an easy one for Ross Chapman, who is now QBE’s GM NZ. He was MD of HIH New Zealand for 12 years. With the acquisition of the HIH portfolio, QBE’s NZ branch estimates annual gross written premiums are around $200 million. This will make QBE the largest professional liability insurer and fourth largest overall insurer in New Zealand.

Mr Chapman said the integration of the portfolios of two successful companies focused on the professional, corporate and commercial markets “creates an organisation that will be a major force. QBE has had the edge in commercial insurance, HIH at the corporate end.

Graeme Evans, who has served as QBE’s GM NZ since 1994, is taking up a senior management posting in the international operations division.

The new company will have about 250 staff, with brokers remaining as the major distribution channel.