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Litigation against OneBeacon Insurance over Intact Financial deal dismissed

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Litigation against OneBeacon Insurance over Intact Financial deal dismissed

Several lawsuits against OneBeacon Insurance Group Ltd. related to its pending acquisition by Intact Financial Corp. have been dismissed, according to court filings.

The lawsuits were dismissed after the plaintiffs voluntarily chose to withdraw their motion for a preliminary injunction and subsequently chose to dismiss their complaints entirely, a OneBeacon spokesperson said. The complaints filed by purported OneBeacon shareholders alleged that OneBeacon's preliminary proxy statement filed with the Securities and Exchange Commission omitted or misrepresented certain material information regarding the transaction, White Mountains Insurance Group Ltd. said in a regulatory filing.

There is no pending litigation related to the Intact transaction and no settlements were reached between the parties, the spokesperson added. The plaintiffs filed the dismissal notices Aug. 4 in the U.S. District Court for the District of Minnesota.

OneBeacon in May agreed to be acquired by Intact Financial. The transaction is expected to be completed in the second half of 2017.