OneBeacon Insurance Group, Boston, has arranged to sell itsNational Farmers Union Property and Casualty Company subsidiary toQBE Insurance Group, Sydney, Australia, for $142 million, anadvisor to the deal said.
|A representative of Gill and Roeser Holdings Inc., the advisoryfirm on the transaction, said the $142 million price is subject toadjustment based on closing book value.
|NFU was acquired by OneBeacon in 1998. It provides personal,farm and business policies through a network of exclusive agents.Its book value was $114 million as of June 30 of this year.
|OneBeacon said it expects the sale to close this year. CompanyCEO Mike Miller said that NFU had a different focus from its parentand the sale will help OneBeacon focus on core strengths.
|OneBeacon is wholly owned by White Mountains Insurance GroupLtd.
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