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Mon, 5th Jul 2010 08:25

SYDNEY, July 5 (Reuters) - QBE Insurance Group, Australia's top insurer by premium income, bought Belgian reinsurer Secura NV for at least 267 million euros ($335.4 million) to press ahead with a strategy to grow by acquisitions.

QBE, which made over 75 acquisitions in the last 10 years to spread to 47 countries, has said growth in its existing businesses in the developed world would be low but was in talks for takeovers in Europe, the U.S., Latin America and Australia.

QBE will buy Secura from KBC Groep NV and said the acquisition price will change depending on the gains or losses on the investment portfolio and earnings.

'The acquisition meets QBE's objective of earnings per share accretion in the first year,' Chief Executive Frank O'Halloran said in a statement.

Secura's 2010 gross written premium was seen at about 200 million euro and QBE will fund the deal from its own funds, it said.

QBE has A$2.5 billion of excess capital and has said it can raise A$1.5 billion in debt.

Ahead of the announcement, QBE shares ended flat at A$17.59 while the benchmark index dropped 0.4 percent.

(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi)

((narayanan.somasundaram@thomsonreuters.com; +61 29373 1815; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net)) ($1=.7961 EURO) Keywords: QBE/

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