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OneBeacon Professional Insurance Introduces New Design Professional Liability Solution

Posted : Mon, 09 Nov 2009 13:32:12 GMT
Author : OneBeacon Insurance Group
Category : Press Release
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CANTON, Mass., Nov. 9 /PRNewswire-FirstCall/ -- OneBeacon Professional Insurance (OBPI), a member of OneBeacon Insurance Group (NYSE: OB), today announced its new Design Professional Liability product. This solution targets design professionals -- including architects, engineers, designers and technical consultants -- and features value-added benefits such as Web-based risk management services.

Said Bruce Demeter, Vice President of Design Professional Liability at OBPI, "This product line was developed with the modern-day design professional in mind. Our forms and coverage deliver tailored solutions for our policyholders. In fact, I'm proud to say the product is specifically designed to provide an entirely better insurance experience for the design professional community."

OBPI's Design Professional Liability coverage offers a number of specialized features and benefits including: efficient application and renewal processes, tailored policy definitions, coverage for certain technology services, limited coverage exclusions, a project specific policy for primary insureds, and access to Web-based services such as an interactive Web site and online resource center. Coverage limits are available up to $5 million.

In addition to these features, clients will receive an experienced and dedicated claims team, risk management services and tailored programs for small to midsized firms.

For more information about OneBeacon Professional Insurance's Design Professional Liability Insurance, visit www.onebeaconpro.com > Coverages > Professional Liability.

OneBeacon Professional Insurance is a member of OneBeacon Insurance Group that specializes in professional liability solutions for targeted industries including hospitals of all sizes, physician groups, managed care organizations, long-term care facilities, health care facilities, media organizations, real estate professionals and lawyers. Additionally, OneBeacon Professional Insurance provides employment practices liability insurance, management liability and tailored products for complex organizations including health care provider excess insurance and HMO reinsurance.

About OneBeacon: OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance businesses are national in scope, while commercial lines business is produced in select territories throughout the United States. Personal lines business is concentrated in the Northeastern United States.

OneBeacon's U.S. headquarters is in Canton, Massachusetts. The company is publicly traded on the New York Stock Exchange under the symbol "OB".

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 "will," "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 OneBeacon's:

  • changes in adjusted 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 its 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; and
  • future capital expenditures.

These statements are based on certain assumptions and analyses made by OneBeacon 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 to our 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;
  • recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate;
  • the continued availability and cost of reinsurance coverage;
  • 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 property and casualty insurers and reinsurers;
  • changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors or its clients;
  • an economic downturn or other economic conditions adversely affecting its financial position;
  • other factors, most of which are beyond OneBeacon's control; and
  • 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 the Form 10-K for the fiscal year ended December 31, 2008 filed February 27, 2009.

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 OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Web site: www.onebeacon.com


SOURCE OneBeacon Insurance Group


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