A newcomer to the specialty program insurance and alternative risk transfer (ART) markets, SPARTA Insurance Holdings announced that it acquired an insurance company from OneBeacon on Friday.

Without disclosing terms of the deal, Hartford, Conn.-based SPARTA said it acquired American Employers' Insurance Company, an insurer licensed in 52 jurisdictions, from a subsidiary of OneBeacon Insurance Company. OneBeacon is the Canton, Mass.-based unit of White Mountain Group.

The acquired company will be renamed SPARTA Insurance Company and will serve as the operating platform for a new specialty program insurance and alternative risk transfer business. SPARTA is an acronym for Specialty Program and Risk Transfer Alternatives, signifying the company's intention to underwrite property and casualty insurance for the specialty and alternative risk program marketplaces.

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