OneBeacon Insurance Company, a wholly owned subsidiary of White Mountains Insurance Group, Ltd., has signed an agreement in principle to acquire the Atlantic Specialty Insurance Company, a subsidiary of Atlantic Mutual, and the renewal rights to Atlantic Mutual’s commercial insurance business, including the unearned premiums on the acquired book. The overall gross written premium for this book of business totals approximately $450 million.
“This is an exciting new chapter for OneBeacon,” said John Cavoores, president and CEO of OneBeacon. “With the acquisition of this segmented middle-market business, we will start underwriting commercial business throughout the United States. This will bring the best of Atlantic Mutual’s and OneBeacon’s commercial products, services and people to the market. It is a great fit for OneBeacon and I welcome the Atlantic Mutual employees and producers to the OneBeacon organization.”
Consummation of the transaction is subject to regulatory approval and other conditions.
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