(Bloomberg) -- OneBeacon InsuranceGroup Ltd., the specialty insurer controlled by White MountainsInsurance Group Ltd., is exploring a sale, people familiar withthe matter said.

The Bermuda-based company recently began working with CreditSuisse Group AG to solicit offers from rival insurers, said thepeople, who asked not to be identified because the process isprivate. Representatives for OneBeacon and Credit Suisse declinedto comment. A representative for White Mountains didn’t immediatelyrespond to a request for comment.

More potential U.S.-based buyers possible


With the possibility of lower tax rates under President-electDonald Trump, the pool of potential buyers in insurance-industrydeals could expand to include more U.S.-based companies, GaryRansom, an analyst at Dowling &Partners, said at a conference Tuesday in New York. In prioryears, the buyers in large insurance deals were often fromlower-tax jurisdictions, like Switzerland or Bermuda.

“The U.S. can be back in the game,” Ransom said at an event heldby the Insurance InformationInstitute, citing the deal last month by Boston-based Liberty Mutual Holding Co. to acquire Bermuda’sIronshore Inc. “Suddenly, U.S. companies, if you assume a lowertax rate, they can buy Bermuda companies.”

Continue Reading for Free

Register and gain access to:

  • 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

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.