Chubb Specialty Insurance is selling the renewal rights to its hospital professional liability and managed care errors and omissions book of business to OneBeacon Professional Partners.
Terms of the deal were not released.
OneBeacon, a subsidiary of Bermuda-based White Mountains Insurance Group, Ltd., said it would begin writing renewal business that fits its underwriting guidelines beginning with July 1 renewals.
OneBeacon Professional Partners is based in Avon, Conn., and is a subsidiary of OneBeacon Insurance Group, headquartered in Boston.
Matt Dolan, president of OneBeacon Professional, said in a statement that hospital malpractice and managed care are sectors the insurer knows well.
Robert C. Cox, chief operating officer for Chubb Specialty, a business unit of Warren, N.J.-based Chubb Corp., said the sale would allow the division to focus on its core specialty businesses. He said the division would continue to grow its health care executive protection classes.
Chubb said the transaction represents less than 4 percent of CSI's net written premiums and less than 1 percent of Chubb's total.
According to Chubb's 10-K filing for 2004, its total net written premium stood at $12.1 billion. At 1 percent, the book going to OneBeacon would translate to less than $120 million. Chubb reported that its Specialty Insurance business had a combined ratio of 100.3 for 2004.
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