OneBeacon Professional Partners has purchased the renewal rights to the hospital professional liability and managed care errors & omissions books of business from Chubb Specialty Insurance (CSI). OneBeacon will renew business that fits its underwriting guidelines starting with July 1, 2005 effective dates.
Matt Dolan, president of OneBeacon Professional Partners, said, “These are nice additions to our business, as hospital malpractice and managed care are sectors we know well. OneBeacon is fully committed to providing the agents and brokers handling this business with exceptional service as they transition
their clients to OneBeacon coverage.” Renewed business will be insured on policies issued by OneBeacon companies, which are rated “A” (Class XIV) by A.M. Best.
Chubb Specialty Insurance’s Chief Operating Officer, Robert Cox, added, “Selling renewal rights to these books will help us focus our resources on our core specialty businesses. We will continue to grow our health-care executive protection classes of business, which have excellent synergy with the rest of our specialty book.”
The premiums affected by this transaction reportedly represent less than four percent of CSI’s net written premiums and less than one percent of Chubb’s total.
OneBeacon Professional Partners, based in Avon, Connecticut, underwrites various specialty liability products and is a subsidiary of OneBeacon Insurance Group.