OneBeacon Insurance Group said today it completed the sale of its AutoOne business to Interboro Holdings Inc. of New York.
The transaction, which was announced on Aug. 31, 2011, included AutoOne Insurance Company and AutoOne Select Insurance Company, along with the assets, liabilities (including loss reserves and unearned premium reserves), and the capital of the business, as well as substantially all of the AutoOne infrastructure including systems and office space, as well as certain staff.
AutoOne, with offices in Melville and Syracuse in New York State, is a high-risk personal auto insurance provider.
During 2011, OneBeacon recorded a charge of $30 million pre-tax ($19 million after tax or $0.20 per share) to reflect the estimated loss on the sale.
Bermuda-headquartered OneBeacon Insurance Group’s businesses include OneBeacon Professional Insurance, International Marine Underwriters, OneBeacon Accident Group, OneBeacon Entertainment, OneBeacon Energy Group, OneBeacon Government Risks, A.W.G. Dewar (tuition refund), collector cars and boats written through Hagerty Insurance Agency, OneBeacon Technology Insurance, OneBeacon Specialty Property, OneBeacon Property and Inland Marine and OneBeacon Excess and Surplus Lines.
Interboro was formerly Interboro Mutual, which was placed in rehabilitation by state regulators in 2004. It emerged from insolvency in 2007.
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