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ONEBEACON EXITS THE CROP INSURANCE BUSINESS
Aug. 4, 2015
Source: OneBeacon Insurance Group news release
OneBeacon Insurance Group (NYSE: OB) has exited the crop insurance business due to the sale of its exclusive managing general agency, Climate Crop Insurance Agency, to AmTrust Financial Services, Inc. (NASDAQ: AFSI), ("AmTrust").
The company's existing crop insurance business has been transferred to AmTrust, including policyholder servicing.
OneBeacon President and CEO Mike Miller said, "We are committed to ensuring a smooth transfer for both our policyholders and for the Climate crop insurance business team.
We have terminated our relationship with The Climate Corporation and have withdrawn our Plan of Operations with the U.S. Department of Agriculture's Risk Management Agency for the 2016 crop year. "
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