OneBeacon Insurance Group has completed the sale of its traditional personal lines business to Tower Group.
The transaction included two insurance companies containing the personal lines business, and in relation to the reciprocal insurance exchanges which write business in New York and New Jersey.
Based on an estimated closing balance sheet, OneBeacon received approximately $167 million, which represents the estimated statutory surplus of the reciprocal insurance exchanges, the GAAP equity in the insurance companies and attorneys-in-fact, plus $32.5 million.
The company expects to disclose the estimated net gain on the sale when it issues its second quarter results on July 30.
