QBE Insurance Group Ltd (QBE.AU) has bought the renewal rights of the U.K.'s Brit Insurance operations in a move that will expand its European footprint.

QBE's incoming chief executive, John Neal, said at the Australian insurer's annual general meeting on Wednesday that the acquisition of renewal rights on GBP350 million of regional premium income is expected to boost QBE's U.K. market share to 5% by 2013.

The transaction was signed "last night," said Frank O'Halloran, QBE's current chief executive, and is expected to be completed by April 13.

-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; caroline.henshaw@dowjones.com

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