One Beacon Sale Is Challenged By P&G

April 27, 2013

Procter & Gamble Co. and a dozen other policyholders sought this week to block Trebuchet US Holdings Inc.’s proposed $2.2 billion purchase of Bermuda-domiciled OneBeacon Insurance Co., arguing the deal would leave customers exposed to so-called long-tail asbestos and environmental liabilities.

Trebuchet, a subsidiary of the Bermuda-based Armour Group Holdings Ltd., is seeking to buy OneBeacon Insurance Co., according to its application to acquire the companies, filed in February with Pennsylvania insurance officials.

One Beacon Insurance Co. is one of the oldest US property and casualty insurers, grown from it’s beginnings as the Potomac Fire Insurance Company founded in 1831.

Under the umbrella company OneBeacon Insurance Group, Ltd. — a Bermuda-domiciled firm — they have a number of specialty insurance subsidiaries including: international marine underwriters, specialty accident and health and entertainment brokers international insurance services

OneBeacon Insurance’s personal lines insurance coverage is offered through a wide network of independent agents mainly in the northeastern states of the US. Their specialty businesses are all nationally offered with some being international in scope.

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