(Bloomberg) -- OneBeacon Insurance Group Ltd., the specialty insurer controlled by White Mountains Insurance Group Ltd., is exploring a sale, people familiar with the matter said.
The Bermuda-based company recently began working with Credit Suisse Group AG to solicit offers from rival insurers, said the people, who asked not to be identified because the process is private. Representatives for OneBeacon and Credit Suisse declined to comment. A representative for White Mountains didn’t immediately respond to a request for comment.
|More potential U.S.-based buyers possible
With the possibility of lower tax rates under President-elect Donald Trump, the pool of potential buyers in insurance-industry deals could expand to include more U.S.-based companies, Gary Ransom, an analyst at Dowling & Partners, said at a conference Tuesday in New York. In prior years, the buyers in large insurance deals were often from lower-tax jurisdictions, like Switzerland or Bermuda.
“The U.S. can be back in the game,” Ransom said at an event held by the Insurance Information Institute, citing the deal last month by Boston-based Liberty Mutual Holding Co. to acquire Bermuda’s Ironshore Inc. “Suddenly, U.S. companies, if you assume a lower tax rate, they can buy Bermuda companies.”
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