See more news releases in: Automotive, Transportation, Trucking & Railroad, Banking & Financial Services, Insurance, Human Resource & Workforce Management, Acquisitions, Mergers and Takeovers, Corporate Expansion
Interboro Acquires AutoOne from OneBeacon
MINEOLA, N.Y., Feb. 22, 2012 /PRNewswire-iReach/ -- Interboro Holdings is pleased to announce that it has completed the acquisition of AutoOne and AutoOne Select Insurance Companies from OneBeacon Insurance Group. The transaction, which was approved by the New York State Department of Financial Services, will result in the creation of Interboro Management Inc. which will employ 135 individuals in Mineola and Syracuse, New York. This entity will manage the operations of Interboro Insurance Company and the two AutoOne Companies.
David Nichols, President and CEO stated, "We want to thank Superintendent Benjamin M. Lawsky and Deputy Superintendent for Property/Casualty, Jean Marie Cho for their diligent review of this transaction. We also want to thank Senator James L. Seward and Senator Jack M. Martins for their continued interest in Interboro and the preservation of jobs in New York."
Interboro Insurance Company along with the AutoOne Companies will continue to write personal lines insurance in New York through independent brokers. It is expected that the combined entities will generate total revenue of approximately $80 million in 2012.
Media Contact: Jeanne O'Sullivan Interboro Insurance Company, 516 248-1100 x744, josullivan@interboroinsurance.com
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Interboro Insurance Company
Back to top
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
PR Newswire Membership
Fill out a PR Newswire membership form or contact us at (888) 776-0942.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.
Featured Video
More in These Categories
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Free Investing Newsletter from Investor Uprising!
Learn to navigate the world's financial system and profit from leading companies.
Register for Investor Uprising, the people's investment site, for a free weekly newsletter, information, education and premium research including our latest IU Confidential Report - "All That Glitters: The Ultimate Gold Report".