OneBeacon Insurance Groupannounced continued progress in the regulatory review of the sale of its runoff business to Armour Group Holdings Limited by the Pennsylvania Insurance Department and restated its expectation that the transaction will close in the second half of 2014.
Armour has filed with the Department a proposed closing balance sheet which includes $80.9 million of seller financing in the form of surplus notes, as provided for in the stock purchase agreement.
The company and Armour recently amended the stock purchase agreement, primarily to increase the cap on the seller financing by $6.7 million and to extend the termination date to year-end 2014.
Source: OneBeacon Insurance Group, Ltd.
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