Canton, Mass.-based OneBeacon Insurance Group said it has signed an agreement to acquire Entertainment Brokers International Insurance Services (EBI), a managing general agency specializing in the entertainment, sports and leisure industries. Terms of the deal were not released.
The sale is expected to close early in the third quarter, OneBeacon said.
EBI, based in Los Angeles, provides commercial insurance products including professional liability coverage from its headquarters and New York City. EBI also provides excess workers' compensation coverage as a wholesaler from its Westlake Village, Calif. office, said OneBeacon. EBI has been in business since 1989.
OneBeacon said the firm, consisting of about 60 employees, will continue to operate as a MGA with a network of 500 independent agents and brokers. OneBeacon agents will also have access to EBI's products. The company said that most business produced by EBI will convert to OneBeacon upon renewal.
Kevin Rehnberg, OneBeacon's senior vice president of specialty lines, said in a statement, "We are very excited about this acquisition as EBI's deep focus on the entertainment market aligns perfectly with our specialization strategy."
EBI managing partner Jack Cave said, "We're very excited about becoming a part of OneBeacon. For nearly 20 years, we've prided ourselves on serving the entertainment, sports, leisure and contingency insurance segments with superior insurance solutions and service capabilities. In OneBeacon, we've found a partner that shares our view that experience and expertise, along with unique product offerings are the best means to serve our specialized business segment."
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