OneBeacon Car Insurance sells AutoOne
AutoOne Auto Insurance Company, being one of the most established commercial automobile assigned risk services in Arizona, California and Colorado, will now change ownership. Employees of the company are now waiting for the sale to be completed which includes a number of changes in the company like reducing the size of the business. The company headquartered in Melville, New York with Claims facilities also in Syracuse, AutoOne is considered a division of the OneBeacon Insurance Group, a Bermuda-based investment company which earned a rating of A (excellent) by A.M. Best. It is considered a high-risk personal auto insurance provider. The company also offers Assigned Risk Solutions in 22 states, covering 28 programs array of services to meet their clients’ needs.
In August 2010, OneBeacon Insurance Group publicized that the company is selling AutoOne to Interboro Holdings Inc. of New York. Completion of the deal is still in progress and is expected to be completed before the year ends. The insurance company and its Select Division have a total of 103 employees cited in Melville and 35 employees in Syracuse. The employees are expected to be hired by the new owner of AutoOne. “At this point, there have been interviews conducted by the buyer and they will be making decisions on which employees they will be bringing on board”, says OneBeacon. David Nichols, Chief executive Officer of Interboro Holdings Inc. admitted that his corporation is still in the evaluation process. He noted that his business is trying to find the best way to use AutoOne and AutoOne select which will protect and unite common interests of the two companies. Part of the evaluation is the assessment of the number of employees necessary to continue to the business. Nichols also emphasized they cannot give at this time the exact number of employees they will be hiring since according to him, they are not in the position to do so since evaluation process is still ongoing.
Michael E. Dortch
President & Managing Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 602