Canadian Insurer to Acquire OneBeacon Insurance Group
OneBeacon Insurance Group announced Tuesday, May 2, 2017, that it has entered into an agreement with Intact Financial Corporation where it will be acquired by Intact for $1.7 billion.
With its U.S. headquarters in Plymouth, Minnesota, OneBeacon boasts 12 different specialty units that offer coverage for unique risks from government to entertainment and more. The company was formed in 2001 when White Mountains Insurance Group, Ltd. acquired CGU Insurance’s United States operations and was renamed.
Insurance companies that are part of the OneBeacon Insurance Group, such as Homeland Insurance Company of New York, are also included on the Texas Surplus Lines Eligible Insurers List.
Intact is a Canadian-based property and casualty insurance company that has been in operation under its current name since 2009. The company employs more than 12,000 individuals and insures more than five million people and businesses in Canada.
“Today, we’ve taken an important step in building a world class P&C insurer,” said Charles Brindamour, Intact Chief Executive Officer, in a statement Tuesday. “The addition of OneBeacon is creating a leading North American specialty lines insurer focused on small to mid-sized businesses.”
The merger was unanimously approved by the OneBeacon board of directors, and is expected to close in the fourth quarter of 2017.