OneBeacon Insurance, a wholly owned subsidiary of White Mountains Insurance Group, Ltd. announced the formation of New Jersey Skylands Insurance Group as part of a restructuring of its New Jersey Personal Lines operation. The Skylands Group will offer automobile insurance to New Jersey consumers.
The lead company is New Jersey Skylands Insurance Association—NJSIA—a not-for-profit, policyholder-owned reciprocal insurance carrier. NJSIA will actively target New Jersey’s municipal employees through dedicated payroll deduction programs. Initially capitalized by OneBeacon, customers will share in the results of the company as membership grows and based on its overall profitability. New Jersey Skylands Management Corporation, a subsidiary of OneBeacon, will manage the business of the reciprocal and its subsidiary.
White Mountains Chairman Jack Byrne noted, “This is a great partnership between the New Jersey Department of Banking and Insurance, New Jersey policyholders and OneBeacon. It takes leadership and vision to create a healthier private-passenger auto insurance market in New Jersey and this is a clear demonstration of the administration’s commitment to the market.”
In addition to NJSIA, the Skylands Group will offer auto products to the general market through its New Jersey Skylands Insurance Company. Current OneBeacon business will be transferred to the New Jersey Skylands Insurance Group.
Skylands Insurance Group, like OneBeacon, will market its products exclusively through select independent insurance agents.
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