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OB > SEC Filings for OB > Form 8-K on 19-Sep-2013All Recent SEC Filings




Other Events

Item 8.01 Other Events.

As required by the Pennsylvania Insurance Department in connection with its review of the sale of the Company's runoff business pursuant to the stock purchase agreement with Trebuchet US Holdings, Inc., a wholly owned subsidiary of Armour Group Holdings Limited, dated as of October 17, 2012 (the Stock Purchase Agreement), an independent actuarial firm was engaged to conduct a review of the unpaid loss and loss adjustment expense (LAE) reserves to be transferred pursuant to the Stock Purchase Agreement. The independent actuarial review has been completed, and the summary report is publicly available on the Pennsylvania Insurance Department's website at

The Company expects that the sale transaction will close in the fourth quarter of 2013 pending approval by the Pennsylvania Insurance Department. As contemplated by the Stock Purchase Agreement, the Company may provide, under certain scenarios, financing in the form of surplus notes. The Company continues to believe that its unpaid loss and LAE reserves (including the runoff reserves to be transferred pursuant to the Stock Purchase Agreement) make a reasonable provision for expected future loss and LAE payments and represent management's best estimate within a range of reasonable estimates. Refer also to the Critical Accounting Estimates on pages 65-76 in the Company's 2012 Annual Report on Form 10-K.

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