OneBeacon Surety Group is pleased to announce that, effective May 2019, we can offer up to $300,000,000 net of collateral in aggregate surety bond capacity for qualifying clients. We are excited to bring this expanded capacity to our customers and look forward to working with you to address your commercial surety needs.
We are pleased to announce changes to the roles and responsibilities of members of our U.S. leadership team. In addition, we are now offering up to $250,000,000 in aggregate surety bond capacity for qualifying clients.
Late last year, our merger with Intact Financial Corporation was completed. With our shared commitment to surety business and expanding those capabilities, we are excited to be on our way to creating a leading North American specialty and surety provider.
Intact Financial Corporation (TSX: IFC) today announced that it has completed its C$2.3 billion (US$1.7 billion) acquisition of U.S. specialty insurer OneBeacon Insurance Group, Ltd. (OneBeacon). The acquisition makes IFC a leading provider of specialty insurance in North America with over C$2 billion in combined annual premiums focusing on small to midsize businesses.
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Brian Passolt joined OneBeacon Surety Group in May 2017 as Vice President of our Midwest region. Brian oversees our business activities for Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. His 16 years of surety experience have focused on the Midwest region, which positions him well in this territory. Brian may be reached at email@example.com and 312.821.4741.
Yesterday, OneBeacon announced that it has has entered into a definitive merger agreement under which Intact Financial Corporation (TSX: IFC) will acquire all outstanding OneBeacon shares for $18.10 in cash per share.
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We enjoy supporting those causes that matter to our agency partners. Recently, we sponsored a hole at a charity golf tournament to benefit Part of the Solution. Our agency partners at Alliant are very involved with this Bronx-based organization, which focusses on fighting hunger and poverty in the local community. We are happy to see our partners enjoying a day on the golf course for a good cause!
Terry Dahl has recently joined OneBeacon as Vice President of Surety Claims based in the New York City office. He brings over 20 years of experience to OneBeacon. Terry has served in roles of increasing responsibility with leading property-casualty carriers over the last ten years and also spent time in private practice. He earned his juris doctor from Seton Hall Law School. Terry may be reached at firstname.lastname@example.org or 212.440.6550.
Mark Atkins joined OneBeacon Surety Group in January 2015 as Vice President of our Northwest region. Mark oversees our business activities for the states of Alaska, Northern California, Colorado, Idaho, Montana, Oregon, Washington and Wyoming. His ten years of surety experience have focused on the northwest region, which positions him well in this key territory. Mark may be reached at email@example.com or 781.332.8120.
Michael Lahn has joined our team as Senior Vice President. In his new role, Mike manages our Southwest region, which includes Arizona, Southern California, Hawaii, New Mexico, Nevada and Utah. He brings over 20 years of experience in the surety business gained through positions of increasing responsibility at several leading national carriers. Mike may be reached at firstname.lastname@example.org or 212.440.6523.