OneBeacon updates on sale of runoff business

|About: OneBeacon Insurance Grou... (OB)|By:, SA News Editor

OneBeacon (OB) continues to expect the deal to sell its runoff business to Armour Group Holdings to close in H2, and that the Pennsylvania Insurance Department - which is reviewing the sale - will hold a public hearing on July 23.

Ahead the hearing Armour has filed a proposed closing balance sheet which includes $80.9M of seller financing, and the sales agreement has been amended to increase the cap on seller financing by $6.7M and to extend the termination date to year-end 2014.