QBE Insurance Group Ltd. underwrites general insurance and reinsurance risks, management of Lloyd’s syndicates and investment management. It underwrites commercial and personal lines classes of business through operations in 45 countries. It offers general insurance services in Australia, and in 15 countries in the Asia-Pacific region, providing personal, commercial and specialist insurance covers, including professional and general liability, marine and trade credit. Its captive reinsurer, Equator Re, provides reinsurance protection to the majority of its subsidiaries around the world. During the year ended December 31, 2007, it acquired QBE Insurance (Vietnam) Company Ltd, Austral Mercantile Collections Pty Ltd, Praetorian Financial Group and Winterthur US. In April 2008, its subsidiary, QBE Holdings, Inc., acquired North Pointe Holdings Corp. In October 2008, PMI Group, Inc. sold its mortgage insurance subsidiary and related Australian holding company to QBE Insurance Group Ltd.