OneBeacon Insurance Group has sold the renewal rights to its non-specialty commercial lines business to The Hanover Insurance Group Inc. The transaction includes small commercial accounts and the non-specialty portion of the middlemarket business. The transaction will be effective beginning January 1, 2010.
Direct premiums for the affected book total approximately $490 million. OneBeacon will receive $23.25 million plus 10 percent for premiums renewed above $200 million. Specialty and personal lines are not affected. In addition, OneBeacon will keep its technology, financial services, excess property and property inland marine commercial segments.
"We are pleased that they will be offering jobs to many of our talented commercial lines employees," Mike Miller said, CEO of OneBeacon. "Both organizations are committed to ensuring a seamless transition process for affected agents and policyholders. OneBeacon will continue to service its in-force book of business and related claims."
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