MINNETONKA, Minn., Dec. 16, 2014 /PRNewswire/ -- OneBeacon
Insurance Group, Ltd. (NYSE: OB) announced it has sold the renewal
rights to its lawyers professional liability business to Argo Group
US, Inc., a member of Argo Group International Holdings, Ltd.
(NASDAQ: AGII). The transaction includes renewal rights to policies
renewing on or after January 1, 2015
on approximately $30 million of
expiring premium within the company's broader professional
insurance business.
About OneBeacon: OneBeacon Insurance Group, Ltd. is a
Bermuda-domiciled holding company
that is publicly traded on the New York Stock Exchange under the
symbol "OB." OneBeacon's underwriting companies offer a range of
specialty insurance products sold through independent agencies,
regional and national brokers, wholesalers and managing general
agencies. Each business is managed by an experienced team of
specialty insurance professionals focused on a specific customer
group or industry segment, and providing distinct products and
tailored coverages and services. OneBeacon's solutions target ocean
and inland marine; entertainment, sports and leisure; group
accident; crop; public entities; technology; tuition refund;
professional liability; environmental; excess property; programs;
and commercial surety. For further information about our products
and services visit: www.onebeacon.com and to remain up to date on
OneBeacon's news, follow us on Twitter @OneBeaconIns or visit our
online newsroom: www.onebeacon.com/newsroom.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news 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 news release that address activities, events or
developments which we expect will or may occur in the future are
forward-looking statements. The words "will," "believe," "intend,"
"expect," "anticipate," "project," "estimate," "predict,"
"anticipate" and similar expressions are also intended to identify
forward-looking statements. These forward-looking statements
include, among others, statements with respect to OneBeacon's:
- change in book value per share or return on equity;
- business strategy;
- financial and operating targets or plans;
- incurred loss and loss adjustment expenses and the adequacy of
our loss and loss adjustment expense reserves and related
reinsurance;
- projections of revenues, income (or loss), earnings (or loss)
per share, dividends, market share or other financial
forecasts;
- expansion and growth of our business and operations;
- future capital expenditures; and
- pending transactions.
These statements are based on certain assumptions and analyses
made by us in light of OneBeacon's experience and judgments about
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 to our expectations is subject to a
number of risks, uncertainties or other factors which are described
in more detail that could cause actual results to differ materially
from expectations including:
- claims arising from catastrophic events, such as hurricanes,
windstorms, earthquakes, floods or terrorist attacks;
- recorded loss and loss adjustment expense reserves subsequently
proving to have been inadequate;
- exposure to asbestos or environmental claims;
- changes in interest rates, debt or equity markets or other
market volatility that negatively impact our investment
portfolio;
- competitive forces and the cyclicality of the property and
casualty insurance industry;
- actions taken by rating agencies from time to time with respect
to us, such as financial strength or credit rating downgrades or
placing our ratings on negative watch;
- the continued availability of capital and financing;
- the outcome of litigation and other legal or regulatory
proceedings;
- our ability to retain key personnel;
- our ability to continue meeting our debt and related service
obligations or to pay dividends;
- the continued availability and cost of reinsurance coverage and
our ability to collect reinsurance recoverables;
- the ability of our technology resources to prevent a data
breach and the ability of our internal controls to ensure
compliance with legal and regulatory policies;
- our ability to successfully develop new specialty
businesses;
- changes in laws or regulations, or their interpretations, which
are applicable to us, our competitors, our agents or our
customers;
- participation in guaranty funds and mandatory market
mechanisms;
- the impact of new theories of liability;
- changes to current shareholder dividend practice and regulatory
restrictions on dividends;
- our status as a subsidiary of White Mountains, including
potential conflicts of interest;
- whether the sale of our runoff business closes; and
- other factors, most of which are beyond our control, including
the risks that are described from time to time in OneBeacon's
filings with the Securities and Exchange Commission, including but
not limited to OneBeacon's Annual Report on Form 10-K for the
fiscal year ended December 31, 2013
filed February 28, 2014.
Consequently, all of the forward-looking statements made in this
news release are qualified by these cautionary statements, and
there can be no assurance that the anticipated results or
developments will be realized or, even if substantially realized,
that they will have the expected consequences. OneBeacon assumes no
obligation to update publicly any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE OneBeacon Insurance Group, Ltd.