Chubb has sold the renewal rights to its hospital professional liability and...
Chubb has sold the renewal rights to its hospital professional liability and managed care errors and omissions books of business to OneBeacon Insurance, a subsidiary of White Mountains Insurance Group.
Terms of the transaction were not disclosed, but the books of business are worth less than $121m (£66.5m), according to a Chubb spokesman.
The deal will impact around 4% of Chubb Specialty Insurance's net written premiums and 1% of Chubb total premium volume, statements from both insurers said.
The sale of the renewal rights will allow Chubb to focus resources on its core specialty business, the company said.
The company plans to continue growing its healthcare executive protection classes of business, said Robert Cox, chief operating officer of Chubb Specialty Insurance.
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