OneBeacon
Ownership Period:
2001 – 2017
Headquarters:
Hamilton, Bermuda and Minneapolis, Minnesota
Sector:
P&C Insurance
OneBeacon is a provider of specialty property & casualty insurance in the U.S. OneBeacon was acquired by Intact Financial in 2017.
Investment highlights:
- Acquired distressed U.S. property & casualty business of CGU in 2001; rebranded as OneBeacon
- Shrunk businesses to a profitable core over multiple transactions
- Initial public offering of ~25% of the company in 2006 validated successful turnaround effort
- Executed strategic transformation into pure specialty company, disposing of personal lines, non-specialty commercial lines and run-off businesses
- Acquired by Intact Financial in 2017