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News Breaks | | | | October 18, 2012 | | 07:34 EDT |  | OB | Onebeacon Insurance announces sale of runoff business
OneBeacon Insurance announced that it has entered into a definitive agreement to sell its runoff business to an affiliate of Armour Group Holdings Limited. OneBeacon will transfer to Armour certain legal entities within the OneBeacon group, which will contain the assets, liabilities, and capital supporting the runoff business, as well as certain elements of the runoff business infrastructure including staff and office space. The company expects to record an after-tax charge of $101M in the third quarter related to the transaction. OneBeacon expects to record approximately $107M of after-tax losses in its third quarter results related to its runoff business. In addition to the $101M related to the transaction, OneBeacon will record a $6M net loss from discontinued operations driven primarily by adverse prior year loss reserve development related to a legacy assumed reinsurance treaty. The transaction is subject to regulatory approvals and is expected to close in 2013. | |
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