Bermuda-based re/insurer Catlin Group Ltd. has announced the purchase of Blue Ridge Insurance Company (BRIC) from QBE Insurance Group (QBE).BRIC is a Wisconsin-domiciled admitted insurer and a wholly-owned subsidiary of General Casualty Company of Wisconsin (GCW). BRIC was purchased by Catlin Inc, a US subsidiary of Catlin Group, as a shell business. Under the terms of the purchase agreement, all business previously written by BRIC will be retained by QBE and all existing liabilities have been reinsured by GCW.Stephen Catlin, chief executive of Catlin Group, said: “This purchase further demonstrates our commitment to the US marketplace and will strengthen our position in this important region.”Richard Banas, president and CEO of Catlin US, said: “The addition of a second admitted insurer to our US operations will improve our ability to meet the needs of our growing customer base. Catlin’s US-based insurance companies have quadrupled in size over the last four years and this purchase will help facilitate future growth in this key part of our business.”The sale has been approved by the insurance commissioner of Wisconsin. Catlin will rename BRIC as Catlin Indemnity Company and expects to begin writing business through this company in the second quarter of 2011.