Sovereign forms alliance with OneBeacon

The Sovereign General Insurance Company and OneBeacon Insurance Company have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments.
Policies will be written under Sovereigns name and the 2 companies will share equally in the underwriting results of the policies through a reinsurance arrangement, explains a Sovereign press release.
This alliance was a natural, Peter Parkin, Soverigns chief operating officer, said in a statement.
We first started working with OneBeacon on cross-border opportunities, helping one anothers brokers place technology business in our respective countries, he said, adding, OneBeacon was keen to share their U.S. expertise and experience with us on the chosen classes of business we will endeavour to write in Canada.
The alliance does not in itself require any specific revenue or performance targets between the two companies, however both insurers are confident that this venture will prove to be a valuable solution to Canadian market needs.
The initial product will target mid-sized technology businesses.
Drew Carnase, OneBeacons senior vice president of commercial lines said that the company sees Canada as a great marketplace.
Partnering with Sovereign enables OneBeacon to offer our custom products that have been successful in the U.S. to Canadian businesses, he stated.