OneBeacon buys marine broker

OneBeacon Insurance Group, the brand for Intact Financial Corporation’s US insurance company subsidiaries, has announced the acquisition of International Bond & Marine Brokerage Ltd, a privately held brokerage specializing in the international trade markets.

OneBeacon said that through this transaction it had expanded its owned-brokerage assets, “and innovatively reshapes its customs bonds market offerings through an end-to-end risk management platform”.

Mike Seff, Head of Surety North America, said that IB&M’s “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.”

IB&M President Kevin Tattam said that “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.”

IB&M will retain its brand and operate as a standalone brokerage.