News Release
For Immediate Release
Investor Relations
Contact: Carmen Duarte
Phone: 781.332.7268
Email: cduarte@onebeacon.com
Website: www.onebeacon.com
DENNIS CROSBY TO OVERSEE ADDITIONAL
ONEBEACON BUSINESSES
MINNETONKA, Minnesota (February 13, 2015) – OneBeacon Insurance Group announced that the company’s accident and professional liability businesses will report to Executive Vice President Dennis Crosby. Executive Vice President and Chief Risk Officer Paul Brehm continues to oversee the company's crop, tuition refund and surety segments. Paul Romano, who formerly oversaw the professional lines accident businesses, is leaving the company.
OneBeacon CEO Mike Miller said, “I am very pleased to expand Dennis’ responsibilities on our executive leadership team. We have seen strong results from his businesses and I am confident that under his leadership, we will continue to produce strong results across all of our specialty underwriting units. I appreciate Paul Romano’s contributions during his time at OneBeacon and wish him well in his future endeavors.”
Crosby, who joined OneBeacon in 2010, has overseen the company’s entertainment, environmental, excess property, ocean and inland marine, programs, public entities and technology businesses. He continues to report to President and CEO Mike Miller.
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.
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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:
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| • | change in book value per share or return on equity; |
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| • | financial and operating targets or plans; |
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| • | incurred loss and loss adjustment expenses and the adequacy of our loss and loss adjustment expense reserves and related reinsurance; |
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| • | projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; |
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| • | expansion and growth of our business and operations; |
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| • | future capital expenditures; and |
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| • | pending legal proceedings. |
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:
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| • | claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, or terrorist attacks; |
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| • | recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate; |
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| • | changes in interest rates, debt or equity markets or other market volatility that negatively impact our investment portfolio; |
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| • | competitive forces and the cyclicality of the property and casualty insurance industry; |
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| • | 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; |
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| • | the continued availability of capital and financing; |
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| • | our ability to retain key personnel; |
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| • | the continued availability and cost of reinsurance coverage and our ability to collect reinsurance recoverables; |
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| • | the outcome of litigation and other legal or regulatory proceedings; |
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| • | our ability to continue meeting our debt and related service obligations or to pay dividends; |
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| • | the ability of our technology resources to prevent data breach and the ability of our internal controls to ensure compliance with legal and regulatory policies; |
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| • | our ability to successfully develop new specialty businesses; |
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| • | changes in laws or regulations, or their interpretations, which are applicable to us, our competitors, our agents or our customers; |
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| • | participation in guaranty funds and mandatory market mechanisms; |
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| • | the impact of new theories of liability; |
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| • | changes to current shareholder dividend practice and regulatory restrictions on dividends; |
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| • | credit risk exposure in certain of our business operations; |
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| • | our status as a subsidiary of White Mountains, including potential conflicts of interest; |
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| • | changes in tax laws or tax treaties; and |
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| • | other factors, most of which are beyond our control, including the risks that are described from time to time in OneBeacon's filing 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.
