OneBeacon Insurance Closes Sale of Essentia Insurance Co.
OneBeacon Insurance Group, Ltd. (NYSE: OB) announced today that it has completed the sale of Essentia Insurance Company to Markel Corporation. As previously announced, concurrent with the closing of this transaction, OneBeacon and Hagerty Insurance Agency have terminated their underwriting agreement. OneBeacon will record a $23 million pretax gain on the sale ($15 million after-tax) in its first quarter 2013 financial statements.
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