OneBeacon Insurance Group, Boston, has arranged to sell its National Farmers Union Property and Casualty Company subsidiary to QBE Insurance Group, Sydney, Australia, for $142 million, an advisor to the deal said.
A representative of Gill and Roeser Holdings Inc., the advisory firm on the transaction, said the $142 million price is subject to adjustment based on closing book value.
NFU was acquired by OneBeacon in 1998. It provides personal, farm and business policies through a network of exclusive agents. Its book value was $114 million as of June 30 of this year.
OneBeacon said it expects the sale to close this year. Company CEO Mike Miller said that NFU had a different focus from its parent and the sale will help OneBeacon focus on core strengths.
OneBeacon is wholly owned by White Mountains Insurance Group Ltd.
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