WTM » Topics » OneBeacon Insurance Company

This excerpt taken from the WTM 8-K filed May 16, 2007.

OneBeacon Insurance Company

        In 2004, Sirius International entered into quota share reinsurance arrangements with OneBeacon Insurance Company, ("OneBeacon"). Consistent with the terms of the quota share agreement with OneBeacon, OneBeacon's cession to Sirius International was 12% for 2006. For the three months ended March 31, 2006, Sirius International assumed $61.0 million in written and earned premium, incurred losses of $30.2 million, and incurred $22.9 million in commissions under this agreement. This agreement was commuted in the fourth quarter of 2006. At commutation, cash and investments were used to settle the assets and liabilities ceded under this agreement.

This excerpt taken from the WTM 8-K filed Mar 13, 2007.

OneBeacon Insurance Company

        In 2004, Sirius International entered into quota share reinsurance arrangements with OneBeacon Insurance Company ("OneBeacon"). Consistent with the terms of the quota share agreement with OneBeacon, OneBeacon's cession to Sirius International increased from 6% to 12% over the course of 2004. OneBeacon's cession to Sirius International was 12% for 2005 and 2006. During 2005 and 2006, Sirius International assumed $230.0 million and $178.0 million in written and earned premium, incurred losses of $122.3 million and $92.2 million, and incurred $86.2 million and $66.8 million in commissions under this agreement. At December 31, 2005, Sirius International had loss and LAE reserves of $103.8 million in regards to this agreement. This agreement was commuted in 2006. At commutation, cash and investments were used to settle the assets and liabilities ceded under this agreement.

EXCERPTS ON THIS PAGE:

8-K
May 16, 2007
8-K
Mar 13, 2007

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