OneBeacon Insurance Group LLC, trademark of Intact Financial Corp. . 's US subsidiary of the insurance company, on Wednesday said it has acquired the renewal rights to Brit Global Specialty US's recognized portfolio for the first dollar package.
The terms of the transaction were not disclosed.
Sharon Wright has joined OneBeacon to lead the portfolio transition, OneBeacon said in a statement. Wright was previously senior vice president at Brit Global Specialty – USA, according to her LinkedIn page.
The first dollar portfolio provides eligible coverage for cities, towns, villages, neighborhoods, sewers and other special districts in 1
The transaction does not include Brit Global Specialty USA's alternative risk operations.
In the United States, OneBeacon provides coverage for public entities including property, accident and professional liability and liability. In Canada, coverage is available through Princeton, Ontario-based CEO Frank Cowan Co. . Ltd.
The deal will strengthen OneBeacon's public entity capacity and expand its expertise in the smaller local government market, said Bradley York, president of OneBeacon Government Risks in the statement.
In June, Brit Global Specialty USA, a unit of Brit Ltd., said it sold the renewal rights for its freight operations to Falvey Cargo Underwriting.