New York, NY--Atlantic Mutual announced that it closed the sale today of its subsidiary, Atlantic Specialty Insurance Company, and the renewal rights to select commercial insurance business, including the unearned premiums on the acquired book, to OneBeacon Insurance Company, after receiving regulatory approval. The overall gross written premium for this book of business totals over $400 million.
After announcing the signing of a binding letter of agreement on December 5, 2003, the companies have been working to finalize terms and gain regulatory approval. Included in the agreement is a provision for the companies to share resources for a period of time to facilitate the seamless transfer of business for the companies' independent agents and policyholders.
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