OneBeacon Insurance Group in Boston, a wholly owned subsidiary of White Mountains Insurance Group, Ltd., has entered into a renewal rights agreement with Providence Washington Insurance Companies that will transfer selected small commercial business to OneBeacon.
The arrangement was expected following the announcement last Friday by Providence Washington in Rhode Island that after more thn 200 years in operation it would stop writing new and renewal business in the 17 states in which it has done business.
This book of business represents commercial package policies and would be eligible for OnePac, OneBeacon’s small-business product and related lines, or its ASIC-branded Flex product, according to the Boston-based insurer. The transition is expected to begin effective with August 1 renewals.
Mike Keane, OneBeacon’s director of small business indicated OneBeacon would focus on renewing eligible risks. “We are pleased to be in a position to help Providence Washington provide a seamless transition to its agent partners and small-business customers. With this agreement, we will target the business that is eligible for OneBeacon’s OnePac product,” Keane said.
This transaction is the second renewal rights agreement that OneBeacon has pursued in 2004. On March 31, the company completed the acquisition of Atlantic Specialty Insurance Company and the renewal rights to target-segment middle-market business from Atlantic Mutual.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd. of Hamilton, Bermuda. White Mountains’ principal businesses are conducted through its subsidiaries and affiliates in the business of property- casualty insurance and reinsurance. The company is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol “WTM”.
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