Bermudian insurer terminates underwriting agreement with Hagerty

Pensions Insight

Bermuda-based insurer OneBeacon Insurance Group has completed the sale of Essentia Insurance Company to Markel Corporation for $23m.

Concurrent with the closing of the deal, OneBeacon and Hagerty Insurance Agency have terminated their underwriting agreement.

OneBeacon will record a $23m pre-tax gain on the sale ($15m after-tax) in its first quarter 2013 results.