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OneBeacon Professional Partners Expands Directors & Officers Coverage for Health Care Organizations, Nonprofit Organizations
Date:4/29/2009

CANTON, Mass., April 29 /PRNewswire-FirstCall/ -- OneBeacon Professional Partners, a member of OneBeacon Insurance Group (NYSE: OB), today announced two new comprehensive management liability insurance solutions designed specifically for health care organizations and nonprofit organizations.

The Health Care Organization Management Liability product offers coverage to a variety of private and nonprofit organizations that offer health care services including: hospitals and health care facilities, long-term care facilities, managed care organizations, physicians and medical groups, and miscellaneous medical facilities. The Not-for-Profit Organization Management Liability product is available for nonprofit organizations of all types and sizes, regardless of financial size or employee count.

Both products are modular in nature and offer four lines of coverage: Directors, Officers and Organization Liability, Employment Practices Liability, Fiduciary Liability, and Crime Coverage. The products offer up to $20 million in capacity, with primary and excess options available.

Stacy Kniffen, assistant vice president of management liability for OneBeacon Professional Partners, said, "Our management liability products are quite flexible, which allows our clients to design programs to meet their individual needs. We also offer the choice of separate limits for all coverage sections, or the ability to share limits among the liability coverage sections -- and one convenient application for all coverages."

In addition, these products offer brokers many cross-selling opportunities with OneBeacon Professional Partners' medical professional liability products, as well as with OneBeacon Commercial Lines' property and casualty coverages for small to mid-sized facilities.

For more information about these new management liability solutions, please contact Stacy Kniffen at 212.549.3540 or SKniffen@onebeacon.com.

OneBeacon Professional Partners 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 Partners 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.


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SOURCE OneBeacon Insurance Group
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