OneBeacon completes sale of non-specialty runoff business to Armour Group

Hamilton, Bermuda-based OneBeacon Insurance Group Ltd. said on Tuesday that it has closed the previously announced sale of its runoff business to an affiliate of Hamilton, Bermuda-based Armour Group Holdings Ltd.

The deal, which was announced in October of 2012, was held up due to regulatory approvals. The sale includes the transfer of legal entities that contain the assets, liabilities and capital supporting the runoff business, as well as certain infrastructure, such as staff and office space, the company said.

When announcing the deal in 2012, OneBeacon CEO Mike Miller said the sale of the non-specialty runoff business would hasten to a pure specialty company while also enabling the company to shed legacy liabilities, including some related to asbestos.