OneBeacon Insurance (OB) announced it has entered into definitive agreements to terminate its exclusive underwriting arrangement with Hagerty Insurance Agency and to sell Essentia Insurance Company to Markel (MKL). OneBeacon anticipates recording a $23M pretax gain on the sale upon closing the transaction. The sale of Essentia is subject to regulatory approvals and is expected to close during the first quarter of 2013. The termination of the agency agreement will be effective as of the close date of the Essentia sale.
- Mergers, Acquisitions & Takeovers