QBE Insurance Group (owner of QBE LMI) has no bonds outstanding in the domestic corporate bond market but has been a regular issuer in the Euro and US s144A markets of senior, subordinated and perpetual debt. An acquisitive leader of Australia's insurance sector, QBE two weeks ago announced  the acquisition of US-based multi-peril crop insurer, NUA Country Insurance Company.Standard & Poor's advised that its 'A' long-term rating on the holding company and 'A+' long-term ratings on the core operating subsidiaries remain unchanged after S&P considered the impact of the planned acquisition to be moderate, though it will lift the group's gross premiums by eight per cent.NUA offers QBE the benefits of a modest market position in the multi-peril crop insurance segment; some product diversity; and certain cross-sell benefits. Moreover, NUA has a sound underwriting track record with a five-year average combined ratio of 75 per cent.The acquisition will be funded predominantly from QBE's cash and short-term borrowings, which is likely to have a marginally negative impact on the group's risk-based capital. The transaction is expected to be completed in July 2010, and remains subject to regulatory approval.