OneBeacon Group Closes AutoOne Sale
Bermuda-domiciled OneBeacon Insurance Group, Ltd. announced that it has completed the sale of its AutoOne business to Interboro Holdings, Inc.
The transaction, which was announced on August 31, 2011, included AutoOne Insurance Company and AutoOne Select Insurance Company, along with the assets, liabilities — including loss reserves and unearned premium reserves) — and the capital of the business, as well as substantially all of the AutoOne infrastructure including systems and office space, as well as certain staff.
During 2011, OneBeacon recorded a charge of $30 million pre-tax — $19 million after tax or $0.20 per share — to reflect the estimated loss on the sale.
OneBeacon Insurance Group, Ltd. is a Bermuda holding company that is publicly traded on the New York Stock Exchange. OneBeacon’s underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies.
The company’s businesses include OneBeacon Professional Insurance, International Marine Underwriters, OneBeacon Accident Group, OneBeacon Entertainment, OneBeacon Energy Group, OneBeacon Government Risks, A.W.G. Dewar (tuition refund), collector cars and boats written through Hagerty Insurance Agency, OneBeacon Technology Insurance, OneBeacon Specialty Property, OneBeacon Property and Inland Marine, and OneBeacon Excess and Surplus Lines. OneBeacon’s insurance businesses are national in scope.
