OneBeacon Buys Atlantic Mutual Books
By Mark E. Ruquet
NU Online News Service, Dec. 5, 1:00 p.m. EST?OneBeacon Insurance Company, a subsidiary of Hamilton, Bermuda-based White Mountains Insurance Group, Ltd., is acquiring Atlantic Specialty Insurance Company and the renewal rights to Atlantic Mutual’s commercial insurance business, including the unearned premiums on the book.[@@]
OneBeacon said overall gross written premium for this book totals approximately $450 million.
Carmen Duarte, a spokeswoman for OneBeacon, said the Atlantic Mutual business is a highly segmented book covering middle-market businesses in 42 states. She added that the book covers various industries including printers, financial institutions and technology companies.
OneBeacon, she said, hopes to obtain regulatory approval quickly and hopes to complete the deal by Feb. 1, if not sooner.
“This is an exciting new chapter for OneBeacon,” said John Cavoores, president and chief executive officer for OneBeacon. “With the acquisition of this segmented middle-market business, we will start underwriting commercial business throughout the United States.”
The acquisition will combine Atlantic Mutual’s and OneBeacon’s commercial products, services and staff. “It is a great fit for OneBeacon, and I welcome the Atlantic Mutual employees and producers to the OneBeacon organization,” Mr. Cavoores said.
Additional terms of the acquisition, including its worth, will be released after the deal is concluded, Ms. Duarte said.
In October, New York City-based Atlantic Mutual sold the renewal rights for its commercial lines inland marine and ocean cargo businesses to Hartford, Conn.-based Travelers. The deal, at the time, totaled $110 million in net written premium.