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Member, Beacon International Group, Ltd.
BOSTON-OneBeacon Insurance Co. has agreed to buy Atlantic Mutual Insurance Co. subsidiary Atlantic Specialty Insurance Co. and the renewal rights to Atlantic Mutual's commercial insurance business.
Terms of the deal were not disclosed. Gross written premiums for New York-based Atlantic Mutual's commercial lines business amount to around $450 million.
"With the acquisition of this segmented middle-market business, we will start underwriting commercial business throughout the United States," said a statement by John Cavoores, president and chief executive officer of OneBeacon, a Boston-based subsidiary of White Mountains Insurance Group Ltd. White Mountains is based in Bermuda.
The transaction is subject to approval by regulators.