OneBeacon updates on sale of runoff business


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.

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