Intact Financial Corporation (“IFC”) has completed its US$1.7 billion acquisition of U.S. specialty insurer OneBeacon Insurance Group, Ltd.
“The completion of this transaction represents a defining milestone in our history and our journey to build a world-class P&C insurer by combining Intact's leading commercial lines track record and deep data, claims, and digital expertise with OneBeacon's high caliber team and specialty lines capabilities,” said Charles Brindamour, the chief executive officer of Intact Financial.
The combined specialty organization will be led by Mike Miller, former chief executive officer of OneBeacon Insurance. Mr. Miller will join IFC's executive team as president of U.S. and specialty solutions, and will report to Mr. Brindamour.
“We are delighted to welcome the OneBeacon leadership and employees to the Intact family. We believe this new structure will help us accelerate the sharing of our specialty lines expertise and best practices across North America, and support Mike and his teams in achieving our specialty lines objectives,” said Mr. Brindamour.
“All of us at OneBeacon are excited to be part of the Intact team and together, build upon our combined capabilities to deliver a compelling specialty lines experience for agents and brokers throughout North America. OneBeacon's proven specialty lines track record, combined with Intact's analytics and service expertise well position us for profitable growth and near-term delivery of new products and opportunities across Canada and the U.S.,” said Mike Miller.
IFC said in a statement that it has been working with OneBeacon for the past several months to review each organization's activities, processes, and systems. In the fourth quarter, Intact said, it will start offering OneBeacon's tailored specialty products and services in Canada, beginning with technology and entertainment risks.
New capabilities will provide coverages for all lines of business for technology risks including third-party cyber and professional liability for manufacturers of electronics, software and IT service providers, and the telecommunications industry. For the entertainment industry, comprehensive commercial insurance solutions for motion picture, television, and documentary film makers will be offered, as well as for businesses associated with the motion picture and television industry.
Intact Financial said that the acquisition is expected to be accretive to net operating income per share within 24 months.
Learn more: www.intactfc.com.