One Beacon Underwriting On E&S
NU Online News Service, May 10, 2:43 p.m. EDT?OneBeacon will open its excess & surplus lines business by seeking midsize to large property risks to insure, the company said.[@@]
OneBeacon Insurance Group LLC, based in Boston, said May 7 it was opening a Specialty Property division to be led by Rick Burke. Details on the underwriting risk appetite were not available then.
OneBeacon said, by e-mail, that the division will be seeking midsize to large property risks in the following classes:
? Schools, universities and municipalities.
? Habitation risks including apartments and condominiums.
? Real estate and related classes, such as offices buildings, shopping centers, retail space and wholesale warehousing.
? Builders risks and other inland marine classes.
OneBeacon said its underwriting guidelines would focus "on being flexible in order to provide risk-specific solutions for our partners and their customers."
The new E&S division plans to begin writing business this month through its main office in San Francisco and three other offices in northern New Jersey, Dallas and Lenesz, Kansas.
Distribution will be through surplus lines wholesalers.
OneBeacon is a subsidiary of White Mountains Insurance Group, Ltd., based in Hamilton, Bermuda.
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