OneBeacon exits crop business

Specialty insurer OneBeacon Insurance Group has exited the crop business following the sale of its managing general agency Climate Crop Insurance Agency.

Climate Crop has been acquired by AmTrust Financial Services, and all of OneBeacon’s existing crop insurance business has been transferred to AmTrust.

Mike Miller, OneBeacon president and chief executive officer, said: "We are committed to ensuring a smooth transfer for both our policyholders and for the Climate crop insurance business team. We have terminated our relationship with The Climate Corporation and have withdrawn our plan of operations with the US Department of Agriculture's Risk Management Agency for the 2016 crop year."