OneBeacon Insurance Group has closed the previously announced sale of its runoff business to an affiliate of Armour Group Holdings.
The sale includes the transfer of legal entities that contain the assets, liabilities and capital supporting the runoff business, as well as certain infrastructure, such as staff and office space.
OneBeacon Insurance is a Bermuda-domiciled holding company and its underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies.
Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services.
OneBeacon’s solutions target ocean and inland marine; entertainment, sports and leisure; group accident; crop; public entities; technology; tuition refund; professional liability; environmental; excess property; programs; and commercial surety.