OneBeacon Insurance Group Ltd. has sold the renewal rights to its lawyers professional liability business to Argo Group US, Inc., a member of Argo Group International Holdings Ltd.
The transaction includes renewal rights to policies renewing on or after January 1, 2015 on approximately $30 million of expiring premium within the company’s broader professional insurance business.
Upon renewal of accounts, all OneBeacon lawyers professional liability policies will be renewed and serviced by Argo Pro— a member of Argo Group that specializes in professional liability products and services, including Errors & Omissions and Management Liability.
In conjunction with this acquisition, Argo said that Kim Noble, product leader and select members of the Lawyers’ Professional Liability Group at OneBeacon, will be joining Argo Pro.
“This acquisition will expand our diverse professional lines capabilities in the U.S. marketplace and bring a broader portfolio of products to our brokers,” said Argo Group US President Kevin Rehnberg.
The LPL underwriting team will be located in Argo Pro’s Chicago office.
OneBeacon offers ocean and inland marine; entertainment, sports and leisure; group accident; crop; public entities; technology; tuition refund; professional liability; environmental; excess property; programs and commercial surety.