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OneBeacon Professional Partners and Medversant Offer New Electronic Credentialing Solution to Managed Care Organizations

CANTON, Mass., Sept. 8 /PRNewswire-FirstCall/ -- OneBeacon Professional Partners, a member of OneBeacon Insurance Group (NYSE: OB), today announced an alliance with Medversant Technologies, LLC to offer OneBeacon managed care customers AutoVerifi(TM), a patented, electronic credentialing verification and management system that continuously validates, stores and retrieves records of medical providers.

This technology simplifies the credentialing process by housing information in a single, electronic warehouse, and creates efficiency by updating and verifying information on an ongoing basis. OneBeacon Professional Partners' managed care customers will be entitled to receive a discount from Medversant for their AutoVerifi system, which several national and regional health plans have selected to help streamline their credentialing and provider data management processes.

Currently, managed care companies generally conduct credentialing at three-year intervals. This unique technology allows for the continuous review of information and immediate notification of changes at a significant cost savings for organizations.

Susan Angelo, Senior Vice President for OneBeacon Professional Partners' managed care business, said, "AutoVerifi is a unique solution to help our customers enhance their business, save on administrative costs and improve their liability risk. By enabling them to verify and update credentialing information continuously, customers know about potential problems immediately."

Matt Haddad, CEO of Medversant, said, "OneBeacon Professional Partners understands the exposures managed care organizations can face as a result of outdated or inaccurate data. Our alliance will improve these risks for their policyholders and help them realize dramatic cost savings."

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 Medversant: Medversant, LLC is the nation's leading provider of continuously monitored Web-based credentials verification solutions for hospitals, health insurance plans, nursing homes, outpatient centers and other health-care settings. Medversant provides a software tool that is highly efficient, cost-effective and an accurate solution for provider database management. Headquartered in Los Angeles, CA. Medversant can be reached at (213) 291-6139 or

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:

  • 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 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, windstorms, earthquakes, floods, fires, explosions, terrorist attacks or severe winter weather;
  • 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 agents;
  • changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors, its agents or its customers;
  • an economic downturn or other economic conditions adversely affecting its financial position including stock market volatility;
  • actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
  • 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.

SOURCE OneBeacon Insurance Group, Ltd.
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