(Bloomberg) — OneBeacon Insurance Group Ltd., a specialty insurer controlled by White Mountains Insurance Group Ltd., is exploring a sale, people with knowledge of the matter said.
OneBeacon has drawn interest from companies including China's Fosun International Ltd., said the people, who asked not to be identified because the matter is not public. White Mountains, which owns about 75% of OneBeacon, is informally approaching the bidders and won't sell the business if it can't fetch a high enough price, the people said.
OneBeacon rose 11.3% to $16.69 as of 10:04 a.m in New York trading Wednesday, giving the Bermuda-based company a market value of $1.6 billion. The insurer's offerings range from coverage against shipping losses to policies that repay funds spent on college tuition if students don't finish school.
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