CALGARY/BOSTON, Feb. 27 2007 – The Sovereign General Insurance Company and OneBeacon Insurance Company are pleased to announce the signing of a Strategic Alliance Agreement.
The two companies have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments. Policies will be written under Sovereign’s name and the two companies will share equally in the underwriting results of the policies through a reinsurance arrangement. This strategic alliance does not in itself require any specific revenue or performance targets between the two companies, however both insurers are confident that this venture will prove to be a valuable solution to Canadian market needs. The initial product will target midsized technology businesses.
“This alliance was a natural,” says Peter Parkin, Sovereign’s Chief Operating Officer. “We first started working with OneBeacon on cross-border opportunities, helping one another’s brokers place technology business in our respective countries. We quickly realized the similarities in our business philosophy and it only seemed natural we work together to explore further opportunities. OneBeacon was keen to share their U.S. expertise and experience with us on the chosen classes of business we will endeavor to write in Canada.”
Drew Carnase, OneBeacon’s Senior Vice President of Commercial Lines states “We’re delighted to be signing this agreement with Sovereign as we see Canada as a great marketplace. Partnering with Sovereign enables OneBeacon to offer our custom products that have been successful in the U.S. to Canadian businesses. We look forward to enjoying the growth potential of a great country by partnering with a professional and respected leader in commercial insurance.”
OneBeacon Insurance Group offers a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon’s specialty insurance products are available throughout the United States, and commercial and personal lines are offered in select geographic territories.
OneBeacon’s principal business office is in Boston, Massachusetts. The Company is publicly traded on the New York Stock Exchange under the symbol “OB”.
About the Sovereign General
The Sovereign General Insurance Company is headquartered in Calgary, Alberta and has been protecting Canadians for over 50 years. Sovereign specializes in insurance for commercial enterprises and has annual gross premiums approaching $300 million. The Sovereign is a proud member of The Co-operators group of companies.Tags: OneBeacon, partnership, Sovereign Insurance