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OneBeacon Insurance Group Acquired by Intact Financial Corporation

posted by TrueNorth Transportation on Thursday, May 25, 2017

As you may have seen in recent business wires, one of our valued insurance market partners - OneBeacon - has announced that they have entered into a definitive agreement to be acquired by Intact Financial Corporation. We at TrueNorth believe that this is a positive evolution for OneBeacon that will only enhance their offerings and capabilities. 

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada with over $8 billion (CA) in annual premiums. Supported by over 12,000 employees, the company insures more than five million customers (including many Canadian transportation companies) through its insurance subsidiaries and is the largest private sector provider of P&C insurance in most Canadian Provinces. 

Mike Miller, CEO of OneBeacon, stated in their press release, "We are very excited to join the Intact family. The opportunity to leverage Intact's deep technical, financial and technology capabilities makes this combination the perfect next step in the OneBeacon journey. Together, we will accelerate our pursuit of independent agents and brokers to deliver market-leading capabilities to our targeted customers. Both companies are dedicated to ensuring a seamless transition and look forward to profitably growing our specialty portfolio going forward."

We have spoken with the leadership of OneBeacon's Accident and Health (A&H) division (where the Occupational Accident and other TrueNorth transportation programs are housed), and they are very excited about this merger. With OneBeacon, the A&H division is viewed as a bit of a jewel. Intact is well aware of this and will be investing directly in this division's continued success. Furthermore, OneBeacon does not anticipate any operational changes to their current clients. 

We will keep you apprised of any pertinent information as the merger unfolds. Please also reach out to your TrueNorth contacts with any questions you may have. 

Onward! 

TrueNorth Transportation Division