A Canadian insurer and Boston-based carrier have formed a strategic alliance that would allow the U.S. firm to introduce some commercial lines policies in Canada.
Sovereign General Insurance Company, headquartered in Calgary, Alberta, Canada, and Boston-based OneBeacon have signed a strategic alliance agreement that will introduce some commercial lines business under Sovereign paper. The initial business will target midsized technology companies.
According to a statement, while the insurance business will be written on Sovereign's name, both companies will share equally in the underwriting results of the policies through a reinsurance arrangement.
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