South Portland insurance co. acquired
A New York-based insurance company announced yesterday it is acquiring South Portland-based York Insurance Co. of Maine as part of a deal to buy a division of OneBeacon Insurance Group for about $180 million.
Tower Group Inc. has entered into a definitive agreement to purchase the personal lines division of Canton, Mass.-based OneBeacon, according to a press release. Included in the deal is $32.5 million to acquire insurance firms York Insurance and Massachusetts Homeland Insurance Co., which together write about $250 million in annual premiums, as well as two management companies in New York and New Jersey.
The acquisition will combine Tower's personal lines business with that of OneBeacon's, which together represent $700 million in annualized premiums, according to the release. The transaction is expected to close at the end of the second quarter of 2010.
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