Interboro Acquires AutoOne from OneBeacon

MINEOLA, N.Y.—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. employing 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.