OneBeacon acquires public entity renewal rights from Brit
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OneBeacon Insurance Group LLC, the brand for Intact Financial Corp.’s U.S. insurance company subsidiaries, on Wednesday said it has acquired the renewal rights to Brit Global Specialty USA’s admitted first dollar package public entity portfolio.
Terms of the transaction were not disclosed.
Sharon Wright has joined OneBeacon to lead the portfolio transition, OneBeacon said in a statement. Ms. Wright was formerly senior vice president at Brit Global Specialty – USA, according to her LinkedIn page.
The first dollar portfolio provides admitted coverage for cities, towns, villages, boroughs, water-sewer utilities and other special service districts in 14 states across the U.S., OneBeacon said.
The transaction does not include Brit Global Specialty USA’s alternative risks business.
In the U.S., OneBeacon offers public entity coverage including property, casualty and professional liability and employment practices liability. In Canada, coverage is available through Princeton, Ontario-based managing general agent Frank Cowan Co. Ltd.
The deal will strengthen OneBeacon’s public entity capabilities and expand its expertise into the market for smaller local governments, Bradley York, president of OneBeacon Government Risks said in the statement.
In June, Brit Global Specialty USA, a unit of Brit Ltd., sold the renewal rights for its cargo business to Falvey Cargo Underwriting.
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