NU Online News Service, Feb. 22, 3:37 p.m. EST
Bermuda-based OneBeacon Insurance Group, Ltd. says it completed the sale of its AutoOne business to Interboro Holdings, Inc.
The transaction, which was announced last year, includes AutoOne Insurance Co. and AutoOne Select Insurance Co., along with the assets, liabilities (including loss reserves and unearned premium reserves), and the capital of the business, as well as substantially all of the AutoOne infrastructure including systems and office space, as well as certain staff.
OneBeacon says that during 2011, it recorded a charge of $30 million pre-tax ($19 million after tax or 20 cents per share) to reflect the estimated loss on the sale.
Interboro's Chief Executive Officer, David Nichols told National Underwriter at the time of the sale that the company is seeking to expand beyond its New York borders and grow its auto business.
AutoOne was designed by OneBeacon to provide insurance for automobile assigned risk markets in New York and New Jersey.
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