Tower Group, a diversified property and casualty insurance products and services provider, has completed the acquisition of the personal lines division of OneBeacon Insurance Group for $167m, which was announced in February 2010.
The personal lines division writes and manages private passenger automobile, homeowners and personal package business in the northeastern US with offices in Massachusetts, Maine and New York.
According to the Tower Group, the completed transaction includes the acquisition of Massachusetts Homeland Insurance, York Insurance of Maine and two management companies.
The management companies are the attorneys-in-fact for Adirondack Insurance Exchange, a New York reciprocal insurer, and New Jersey Skylands Insurance Association, a New Jersey reciprocal insurer, which in turn owns a New Jersey domiciled stock insurance subsidiary, New Jersey Skylands Insurance. Tower has also purchased the surplus notes issued by the two reciprocal insurers.
Michael Lee, president and CEO of Tower, said: “We are pleased to complete the acquisition of OneBeacon’s personal lines division. Since the announcement, we have been working diligently to further develop our personal lines strategy and a detailed integration plan.
“We are confident in our ability, supported by our new employees and agents, to successfully execute our plan and meet our financial objectives while delivering quality personal lines products and services to our policyholders.”