Insurer OneBeacon says it expects an after-tax charge of$101 million in the third quarter related to a deal to sell itsrunoff business to an affiliate of Bermuda-based Armour GroupHoldings.
CEO Mike Miller says the sale of its runoff business “is thefinal step in our transformation to a pure specialty company.”
|Minnetonnka, Minn.-based OneBeacon says it expects to recordabout $107 million in losses related to its runoff business, whichincludes nonspecialty commercial lines and other business.
|Additionally, OneBeacon says it has entered an agreement to sellits Essentia Insurance subsidiary to Markel Corp. Essentia providesCollector Car and Boat insurance through Hagerty InsuranceAgency.
|OneBeacon says it expects to book a $23 million pretax gain onthe sale of Essentia after the close of the deal, which is expectedduring Q1 2013.
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