OneBeacon Insurance Group has acquired privately held trade specialist International Bond & Marine Brokerage (IB&M).
IB&M specialises in the international trade markets, and will retain its brand and operate as a standalone brokerage following the deal.
The transaction aims to expand OneBeacon's owned-brokerage assets and reshape its customs bonds market offerings through an end-to-end risk management platform.
Said Mike Seff, head of surety North America, said: "We are excited to welcome IB&M to the OneBeacon and Intact family. Their deep focus on international trade customers and ability to provide risk management solutions spanning customs bonds, cargo, liability and other important insurance coverages speaks to their expertise and track record. We look forward to a seamless transition for all affected brokers and their clients."
Kevin Tattam, president of IB&M, added: "On behalf of everyone at IB&M, we are very pleased to become part of OneBeacon, one of the leading providers of surety bonds. As a specialty carrier, they understand the value of dedicated expertise serving a specific market segment. This alignment well positions us for expansion and growth going forward."
OneBeacon, International Bond & Marine Brokerage, Mergers & Acquisitions, Insurance, Reinsurance, Mike Seff, North America