Interboro Completes Acquisition of AutoOne from OneBeacon

Interboro Holdings (Mineola, N.Y.) has completed its acquisition of AutoOne and AutoOne Select Insurance Companies (Melville, N.Y.) from OneBeacon Insurance Group (Minnetonka, Minn.). The transaction, which an Interboro statement says has been approved by the New York State Department of Financial Services, results in the creation of Interboro Management Inc., which will employ 135 people in Mineola and Syracuse, N.Y.

Interboro Management will manage the operations of Interboro Insurance Company and the two AutoOne Companies, will continue to write personal lines insurance in New York through independent brokers, according to an Interboro statement. Interboro expects that the combined entities will generate total revenue of approximately $80 million in 2012.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio