BOSTON, April 7 /PRNewswire-FirstCall/ -- OneBeacon Insurance, a wholly
owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM), today
announced that it will begin offering property-casualty insurance solutions to
cultural institutions and owners of commercial real estate.
Drew Carnase, Senior Vice President of Commercial Lines, explained that
the new programs are part of OneBeacon's @vantage suite of segmented products
and services for midsized businesses. "These products showcase our specialty
appetite, which emphasizes industry-specific knowledge, product design and
pricing, claims handling and risk control," said Carnase.
Offered in partnership with select independent agents, OneBeacon @vantage
is also available for the following industries: technology, financial
services, professional services, metalworking, food, plastics, printing,
retailing, and wholesaling and distributing.
Headquartered in Boston, Massachusetts, OneBeacon Insurance Group offers a
wide range of specialty, personal and commercial insurance products and
services sold primarily through select independent agents. OneBeacon is one of
the oldest property and casualty insurers in the United States, tracing its
roots to 1831 and the Potomac Fire Insurance Company. The Company's specialty
businesses provide customized coverages to certain niche markets including
ocean marine, professional liability and agribusiness, among others. OneBeacon
serves personal insurance customers and small-to-midsized businesses through a
variety of highly segmented products.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance
Group, Ltd. of Hamilton, Bermuda. White Mountains' principal businesses are
conducted through its subsidiaries and affiliates in the business of property-
casualty insurance and reinsurance. The company is publicly traded on the New
York Stock Exchange and the Bermuda Stock Exchange under the symbol "WTM".
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
This press release may contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than statements of
historical facts, included or referenced in this release which address
activities, events or developments which we expect or anticipate will or may
occur in the future are forward-looking statements. The words "believe,"
"intend," "expect," "anticipate," "project," "estimate," "predict" and similar
expressions are also intended to identify forward-looking statements. These
forward-looking statements include, among others, statements with respect to
White Mountains':
-- growth in book value per share or return on equity;
-- business strategy;
-- financial and operating targets or plans;
-- incurred losses and the adequacy of its loss and loss adjustment
expense reserves;
-- projections of revenues, income (or loss), earnings (or loss) per
share, dividends, market share or other financial forecasts;
-- expansion and growth of its business and operations; and
-- future capital expenditures.
These statements are based on certain assumptions and analyses made by
White Mountains in light of its experience and perception of historical
trends, current conditions and expected future developments, as well as other
factors believed to be appropriate in the circumstances. However, whether
actual results and developments will conform with its expectations and
predictions is subject to a number of risks and uncertainties that could cause
actual results to differ materially from expectations, including:
-- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods or terrorist attacks;
-- the continued availability of capital and financing;
-- general economic, market or business conditions;
-- business opportunities (or lack thereof) that may be presented to it
and pursued;
-- competitive forces, including the conduct of other insurers and
reinsurers;
-- changes in domestic or foreign laws or regulations applicable to White
Mountains, its competitors or its clients;
-- an economic downturn or other economic conditions adversely affecting
its financial position;
-- loss reserves established subsequently proving to have been
inadequate; and
-- other factors, most of which are beyond White Mountains' control.
Consequently, all of the forward-looking statements made in this press
release are qualified by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by White
Mountains will be realized or, even if substantially realized, that they will
have the expected consequences to, or effects on, White Mountains or its
business or operations. White Mountains assumes no obligation to update
publicly any such forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Maggie Sheehan
Phone: 617.725.6336
Fax: 617.725.6250
E-mail: msheehan@onebeacon.com
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