Insurer OneBeacon says it expects an after-tax charge of $101 million in the third quarter related to a deal to sell its runoff business to an affiliate of Bermuda-based Armour Group Holdings.

CEO Mike Miller says the sale of its runoff business “is the final step in our transformation to a pure specialty company.”

Minnetonnka, Minn.-based OneBeacon says it expects to record about $107 million in losses related to its runoff business, which includes nonspecialty commercial lines and other business.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.