HAMILTON, Bermuda, May 2, 2017 /PRNewswire/ -- OneBeacon
Insurance Group, Ltd. (NYSE: OB) today reported book value per
share of $10.91, reflecting an
increase of 2.8% for the first quarter of 2017, including
dividends.
Mike Miller, CEO of OneBeacon,
said, "The year is off to a good start, with 2.8% growth in book
value per share, a 95% combined ratio and solid investment returns.
Most of our businesses delivered strong results, from both a
top-line and bottom-line perspective. While overall net written
premiums were down 8% compared to last year, that variance was
driven by risk-selection refinement in our Programs, Entertainment
and Healthcare businesses. In the remainder of our
businesses, net written premiums were up 3%. While market
conditions remain competitive, our positive first-quarter momentum
positions us well for the balance of the year."
OneBeacon reported comprehensive income of $32.2 million for the first quarter of 2017,
compared to $46.4 million for the
first quarter of last year.
The prior year first quarter results included a $12.8 million tax benefit related to the
settlement of the IRS examination for the tax years 2007-2009.
There were no common shares repurchased under the company's 2007
share repurchase authorization during the first quarter of
2017.
Insurance Operations: OneBeacon's GAAP combined
ratio was 94.5% for the first quarter of 2017, compared to 95.2%
for the first quarter of 2016. The loss ratio increased to 57.5%,
compared to 57.0% for the same prior year period, driven by
increases in the Programs, Healthcare and Government Risks
businesses, mostly offset by decreases in several other lines of
business. The company had no net loss reserve development in either
the first quarter of 2017 or the first quarter of 2016. The expense
ratio decreased by 1.2 points to 37.0% for the first quarter of
2017, compared to the first quarter of last year, primarily driven
by change in business mix and lower employee costs, which more than
offset the negative impact of lower earned premiums.
Net written premiums were $256.9
million in the first quarter of 2017, a decrease of 8.3%
from the first quarter of 2016. During the first quarter, OneBeacon
continued to reduce premium writings in its Programs, Entertainment
and Healthcare businesses. Excluding those businesses, net written
premiums increased by 3.3% for the first quarter of 2017.
Investment Results: OneBeacon's first quarter 2017
total return on invested assets was 1.1% compared to 1.2% for the
first quarter of 2016. These pre-tax results included net realized
and unrealized investment gains of $15.0
million and net investment income of $12.2 million for the first quarter of 2017,
compared to net realized and unrealized investment gains of
$16.6 million and net investment
income of $14.4 million for the first
quarter of 2016. The prior year first quarter net investment income
included $2.4 million of interest on
surplus notes issued as part of the runoff sale transaction that
closed in December 2014.
Subsequent Event: As disclosed in a separate news release
that is available at www.onebeacon.com/newsroom, the company also
announced today that it has entered into a definitive agreement and
plan of merger pursuant to which OneBeacon will be acquired by
Intact Financial Corporation (TSX:
IFC).
About OneBeacon: OneBeacon Insurance Group, Ltd. is a
Bermuda-domiciled holding company
that is publicly traded on the New York Stock Exchange under the
symbol "OB." OneBeacon's underwriting companies offer a range of
specialty insurance products sold through independent agencies,
regional and national brokers, wholesalers and managing general
agencies. Each business is managed by an experienced team of
specialty insurance professionals focused on a specific customer
group or industry segment, and providing distinct products and
tailored coverages and services. OneBeacon's solutions target group
accident and health; architects and engineers; commercial surety;
entertainment; environmental; excess property; financial
institutions; financial services; healthcare; management liability;
ocean and inland marine; programs; public entities; technology; and
tuition refund. For further information about our products and
services visit: www.onebeacon.com and to remain up to date on
OneBeacon's news, follow us on Twitter @OneBeaconIns or visit our
online newsroom: www.onebeacon.com/newsroom.
OneBeacon expects to file its Form 10-Q with the Securities and
Exchange Commission today, and urges shareholders to refer to that
document for more complete information concerning its financial
results.
ONEBEACON
INSURANCE GROUP, LTD.
|
CONSOLIDATED
BALANCE SHEETS
|
($ in
millions)
|
(Unaudited)
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
Assets
|
|
|
|
|
Investment
securities:
|
|
|
|
|
Fixed maturity
investments
|
|
$
|
2,166.7
|
|
|
$
|
2,169.1
|
|
Short-term
investments
|
|
92.7
|
|
|
112.1
|
|
Common equity
securities
|
|
198.9
|
|
|
188.7
|
|
Other
investments
|
|
135.8
|
|
|
150.5
|
|
Total
investment securities
|
|
2,594.1
|
|
|
2,620.4
|
|
Cash
|
|
79.6
|
|
|
69.6
|
|
Reinsurance
recoverables
|
|
178.1
|
|
|
179.5
|
|
Premiums
receivable
|
|
225.9
|
|
|
228.3
|
|
Deferred acquisition
costs
|
|
98.5
|
|
|
96.3
|
|
Ceded unearned
premiums
|
|
52.4
|
|
|
44.2
|
|
Net deferred tax
asset
|
|
125.5
|
|
|
126.7
|
|
Investment income
accrued
|
|
12.4
|
|
|
11.3
|
|
Accounts receivable
on unsettled investment sales
|
|
9.1
|
|
|
1.4
|
|
Other
assets
|
|
196.4
|
|
|
212.2
|
|
Total
assets
|
|
$
|
3,572.0
|
|
|
$
|
3,589.9
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Unpaid loss and loss
adjustment expense reserves
|
|
$
|
1,368.8
|
|
|
$
|
1,365.6
|
|
Unearned
premiums
|
|
578.4
|
|
|
575.1
|
|
Funds
held under insurance contracts
|
|
148.7
|
|
|
153.0
|
|
Debt
|
|
273.2
|
|
|
273.2
|
|
Accounts payable on
unsettled investment purchases
|
|
3.6
|
|
|
—
|
|
Other
liabilities
|
|
162.5
|
|
|
197.8
|
|
Total
liabilities
|
|
2,535.2
|
|
|
2,564.7
|
|
|
|
|
|
|
OneBeacon's common
shareholders' equity and noncontrolling interests
|
|
|
|
|
OneBeacon's common
shareholders' equity:
|
|
|
|
|
Common shares and
paid-in surplus
|
|
1,013.0
|
|
|
1,013.2
|
|
Retained
earnings
|
|
24.5
|
|
|
12.3
|
|
Accumulated other
comprehensive loss
|
|
(4.1)
|
|
|
(4.2)
|
|
Total OneBeacon's
common shareholders' equity
|
|
1,033.4
|
|
|
1,021.3
|
|
|
|
|
|
|
Total noncontrolling
interests
|
|
3.4
|
|
|
3.9
|
|
Total OneBeacon's
common shareholders' equity and noncontrolling interests
|
|
1,036.8
|
|
|
1,025.2
|
|
Total liabilities,
OneBeacon's common shareholders' equity and noncontrolling
interests
|
|
$
|
3,572.0
|
|
|
$
|
3,589.9
|
|
ONEBEACON
INSURANCE GROUP, LTD.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
(in millions,
except per share amounts)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
|
Earned
premiums
|
|
$
|
261.8
|
|
|
$
|
278.6
|
|
Net investment
income
|
|
12.2
|
|
|
14.4
|
|
Net realized and
change in unrealized investment gains
|
|
15.0
|
|
|
16.6
|
|
Net other
revenues
|
|
3.4
|
|
|
0.9
|
|
Total
revenues
|
|
292.4
|
|
|
310.5
|
|
Expenses
|
|
|
|
|
Loss and loss
adjustment expenses
|
|
150.6
|
|
|
158.8
|
|
Policy acquisition
expenses
|
|
45.3
|
|
|
51.0
|
|
Other underwriting
expenses
|
|
51.7
|
|
|
55.3
|
|
General and
administrative expenses
|
|
5.0
|
|
|
3.9
|
|
Interest
expense
|
|
3.3
|
|
|
3.3
|
|
Total
expenses
|
|
255.9
|
|
|
272.3
|
|
Pre-tax
income
|
|
36.5
|
|
|
38.2
|
|
Income tax (expense)
benefit
|
|
(3.9)
|
|
|
8.7
|
|
Net income
including noncontrolling interests
|
|
32.6
|
|
|
46.9
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(0.5)
|
|
|
(0.5)
|
|
Net income
attributable to OneBeacon's common shareholders
|
|
32.1
|
|
|
46.4
|
|
Other comprehensive
income, net of tax
|
|
0.1
|
|
|
—
|
|
Comprehensive
income attributable to OneBeacon's common
shareholders
|
|
$
|
32.2
|
|
|
$
|
46.4
|
|
Earnings per share
attributable to OneBeacon's common shareholders—basic and
diluted
|
|
|
|
|
Net income
attributable to OneBeacon's common shareholders per
share
|
|
$
|
0.34
|
|
|
$
|
0.49
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
94.0
|
|
|
94.1
|
|
ONEBEACON
INSURANCE GROUP, LTD.
|
SEGMENT STATEMENTS
OF OPERATIONS(1)
|
($ in
millions)
|
(Unaudited)
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Specialty
Products
(2)
|
|
Specialty
Industries
(3)
|
|
Investing,
Financing
and
Corporate
|
|
Total
|
Earned
premiums
|
|
$
|
119.2
|
|
|
$
|
142.6
|
|
|
$
|
—
|
|
|
$
|
261.8
|
|
Loss and loss
adjustment expenses
|
|
(82.9)
|
|
|
(67.7)
|
|
|
—
|
|
|
(150.6)
|
|
Policy
acquisition expenses
|
|
(19.6)
|
|
|
(25.7)
|
|
|
—
|
|
|
(45.3)
|
|
Other
underwriting expenses
|
|
(20.7)
|
|
|
(31.0)
|
|
|
—
|
|
|
(51.7)
|
|
Underwriting
income (loss)
|
|
(4.0)
|
|
|
18.2
|
|
|
—
|
|
|
14.2
|
|
Net investment
income
|
|
—
|
|
|
—
|
|
|
12.2
|
|
|
12.2
|
|
Net realized
and change in unrealized investment gains
|
|
—
|
|
|
—
|
|
|
15.0
|
|
|
15.0
|
|
Net other
revenues (expenses)
|
|
(0.1)
|
|
|
0.2
|
|
|
3.3
|
|
|
3.4
|
|
General and
administrative expenses
|
|
—
|
|
|
(0.5)
|
|
|
(4.5)
|
|
|
(5.0)
|
|
Interest
expense
|
|
—
|
|
|
—
|
|
|
(3.3)
|
|
|
(3.3)
|
|
Pre-tax
income (loss)
|
|
$
|
(4.1)
|
|
|
$
|
17.9
|
|
|
$
|
22.7
|
|
|
$
|
36.5
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Specialty
Products
(2)
|
|
Specialty
Industries
(3)
|
|
Investing,
Financing
and
Corporate
|
|
Total
|
Earned
premiums
|
|
$
|
123.2
|
|
|
$
|
155.4
|
|
|
$
|
—
|
|
|
$
|
278.6
|
|
Loss and loss
adjustment expenses
|
|
(86.4)
|
|
|
(72.4)
|
|
|
—
|
|
|
(158.8)
|
|
Policy
acquisition expenses
|
|
(23.2)
|
|
|
(27.8)
|
|
|
—
|
|
|
(51.0)
|
|
Other
underwriting expenses
|
|
(21.3)
|
|
|
(34.0)
|
|
|
—
|
|
|
(55.3)
|
|
Underwriting
income (loss)
|
|
(7.7)
|
|
|
21.2
|
|
|
—
|
|
|
13.5
|
|
Net investment
income
|
|
—
|
|
|
—
|
|
|
14.4
|
|
|
14.4
|
|
Net realized
and change in unrealized investment gains
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|
16.6
|
|
Net other
revenues (expenses)
|
|
(0.1)
|
|
|
0.3
|
|
|
0.7
|
|
|
0.9
|
|
General and
administrative expenses
|
|
—
|
|
|
(0.5)
|
|
|
(3.4)
|
|
|
(3.9)
|
|
Interest
expense
|
|
—
|
|
|
—
|
|
|
(3.3)
|
|
|
(3.3)
|
|
Pre-tax income
(loss)
|
|
$
|
(7.8)
|
|
|
$
|
21.0
|
|
|
$
|
25.0
|
|
|
$
|
38.2
|
|
|
|
|
|
|
|
(1)
|
Prior year balances
have been restated to conform to the current year
presentation.
|
(2)
|
The Specialty
Products reportable segment includes the results of OneBeacon
Healthcare Group, A.W.G. Dewar, OneBeacon Management Liability,
OneBeacon Program Group, OneBeacon Surety Group, OneBeacon
Financial Services, OneBeacon Architects and Engineers, OneBeacon
Environmental, OneBeacon Specialty Property, and OneBeacon
Financial Institutions.
|
(3)
|
Specialty Industries
includes the results of OneBeacon Accident and Health, OneBeacon
Technology Insurance, International Marine Underwriters (IMU) -
Ocean Marine, OneBeacon Government Risks, OneBeacon Entertainment,
and IMU - Inland Marine.
|
ONEBEACON
INSURANCE GROUP, LTD.
|
SUMMARY OF RATIOS
AND PREMIUMS
|
($ in
millions)
|
(Unaudited)
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
Specialty
Products
|
|
Specialty
Industries
|
|
Consolidated
Insurance
|
Net written
premiums
|
|
$
|
105.1
|
|
|
$
|
151.8
|
|
|
$
|
256.9
|
|
Earned
premiums
|
|
$
|
119.2
|
|
|
$
|
142.6
|
|
|
$
|
261.8
|
|
|
|
|
|
|
|
|
Underwriting
ratios
|
|
|
|
|
|
|
Loss and loss adjustment
expense ratio
|
|
69.5%
|
|
|
47.5%
|
|
|
57.5%
|
|
Expense ratio
|
|
33.9
|
|
|
39.7
|
|
|
37.0
|
|
Combined
ratio
|
|
103.4%
|
|
|
87.2%
|
|
|
94.5%
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
Specialty
Products
|
|
Specialty
Industries
|
|
Consolidated
Insurance
|
Net written
premiums
|
|
$
|
118.4
|
|
|
$
|
161.7
|
|
|
$
|
280.1
|
|
Earned
premiums
|
|
$
|
123.2
|
|
|
$
|
155.4
|
|
|
$
|
278.6
|
|
|
|
|
|
|
|
|
Underwriting
ratios
|
|
|
|
|
|
|
Loss and loss adjustment
expense ratio
|
|
70.1%
|
|
|
46.6%
|
|
|
57.0%
|
|
Expense ratio
|
|
36.1
|
|
|
39.8
|
|
|
38.2
|
|
Combined
ratio
|
|
106.2%
|
|
|
86.4%
|
|
|
95.2%
|
|
ONEBEACON
INSURANCE GROUP, LTD.
|
BOOK VALUE PER
SHARE
|
(in millions,
except per share amounts)
|
(Unaudited)
|
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
2016
|
Numerator
|
|
|
|
|
|
|
OneBeacon's common
shareholders' equity
|
|
$
|
1,033.4
|
|
|
$
|
1,021.3
|
|
|
$
|
1,016.6
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
Common shares
outstanding
|
|
94.7
|
|
|
94.3
|
|
|
94.3
|
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
|
10.91
|
|
|
$
|
10.82
|
|
|
$
|
10.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in book
value per share, including dividends, in the quarter
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in book
value per share, including dividends, in the last twelve months on
an IRR basis(1)
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
IRR calculated based
on beginning book value per share, dividends paid, and ending book
value per share. Includes dividends of $0.84 per share (a quarterly
dividend of $0.21 per share).
|
ONEBEACON
INSURANCE GROUP, LTD.
|
COMPREHENSIVE
INCOME, NET INCOME, AND NON-GAAP OPERATING INCOME
|
(in millions,
except per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
March
31,
|
|
Twelve Months
Ended
March
31,
|
|
2017
|
|
2016
|
|
2017
|
Comprehensive
income attributable to OneBeacon's common
shareholders
|
$
|
32.2
|
|
|
$
|
46.4
|
|
|
$
|
94.2
|
|
|
|
|
|
|
|
Net income
attributable to OneBeacon's common shareholders
|
$
|
32.1
|
|
|
$
|
46.4
|
|
|
$
|
93.1
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
94.0
|
|
|
94.1
|
|
|
94.0
|
|
|
|
|
|
|
|
Net income
attributable to OneBeacon's common shareholders per
share
|
$
|
0.34
|
|
|
$
|
0.49
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
Net income
attributable to OneBeacon's common shareholders
|
$
|
32.1
|
|
|
$
|
46.4
|
|
|
$
|
93.1
|
|
Less:
|
|
|
|
|
|
Net realized and
change in unrealized investment gains
|
(15.0)
|
|
|
(16.6)
|
|
|
(36.1)
|
|
Tax effect on net
realized and change in unrealized investment gains
|
5.3
|
|
|
5.8
|
|
|
12.7
|
|
Non-GAAP operating
income (1)
|
$
|
22.4
|
|
|
$
|
35.6
|
|
|
$
|
69.7
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
94.0
|
|
|
94.1
|
|
|
94.0
|
|
|
|
|
|
|
|
Non-GAAP operating
income per share (1)
|
$
|
0.24
|
|
|
$
|
0.38
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
(1)
|
Represent a non-GAAP
financial measure.
|
Discussion of Non-GAAP Financial Measures
This
earnings release includes non-GAAP financial measures that have
been reconciled to their most comparable GAAP financial
measures. OneBeacon believes these measures to be useful
supplements to the comparable GAAP measures in evaluating
OneBeacon's financial performance.
Non-GAAP operating income is a non-GAAP financial measure
that excludes net realized and change in unrealized investment
gains, and the related tax effects, from net income attributable to
OneBeacon's common shareholders. OneBeacon believes that this
non-GAAP financial measure provides a useful alternative picture of
the underlying operating activities of the company to the GAAP
measure of net income attributable to OneBeacon's common
shareholders, as it removes variability in the timing of realized
and change in unrealized investment gains which may be heavily
influenced by investment market conditions. Although key to the
company's overall financial performance, OneBeacon believes that
net realized and change in unrealized investment gains are largely
independent of the underwriting decision-making process.
Non-GAAP operating income per share is calculated by
dividing non-GAAP operating income (a non-GAAP financial measure
described above) by the weighted average number of common shares
outstanding. Management believes that non-GAAP operating income per
share is a useful alternative picture of the underlying operating
activities of the company as it removes variability in the timing
of investment gains and losses which may be heavily influenced by
investment market conditions. Net income attributable to
OneBeacon's common shareholders per share is the most directly
comparable GAAP measure.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
The information
contained in 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" and similar expressions are also intended to
identify forward-looking statements. These forward-looking
statements include, among others, statements with respect to
our:
- 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 legal proceedings.
These statements are based on certain assumptions and
analyses made by us in light of our 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 beginning on page 16 of the Company's 2016 Annual
Report on Form 10-K, that could cause actual results to differ
materially from expectations, including:
- recorded loss and loss adjustment expense reserves
subsequently proving to have been inadequate;
- 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;
- claims arising from catastrophic events, such as
hurricanes, windstorms, earthquakes, floods or terrorist
attacks;
- the continued availability of capital and
financing;
- the continued availability and cost of reinsurance
coverage and our ability to collect reinsurance
recoverables;
- the ability to maintain data and system
security;
- the outcome of litigation and other legal or regulatory
proceedings;
- our ability to continue meeting our debt and related
service obligations or to pay dividends;
- 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;
- 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;
- our ability to retain key personnel;
- participation in guaranty funds and mandatory market
mechanisms;
- our ability to maintain effective operating procedures
and manage operational risk;
- changes to current shareholder dividend practice and
regulatory restrictions on dividends;
- credit risk exposure in certain of our business
operations;
- Bermuda law may afford
less protection to shareholders;
- our status as a subsidiary of White Mountains, including
potential conflicts of interest, competition, and related-party
transactions;
- changes in tax laws or tax treaties;
- the risk that the proposed merger with Intact may not be
completed on the currently contemplated timeline or at
all;
- the failure to receive, on a timely basis or otherwise,
the required approval of the proposed merger with Intact by
OneBeacon's shareholders;
- the possibility that any or all of the various conditions
to the consummation of the merger may not be satisfied or waived,
including the failure to receive any required regulatory approvals
from any applicable governmental entities (or any conditions,
limitations or restrictions placed on such approvals);
- the occurrence of any event, change or other circumstance
that could give rise to the termination of the merger agreement,
including in circumstances which would require OneBeacon to pay a
termination fee or other expenses;
- risks related to diverting management's attention from
our ongoing business operations and other risks related to the
announcement or pendency of the proposed merger with Intact,
including on our ability to retain and hire key personnel, our
ability to maintain relationships with our customers,
policyholders, brokers, service providers and others with whom we
do business and our operating results and business
generally;
- the risk that shareholder litigation in connection with
the transactions contemplated by the merger agreement may result in
significant costs of defense, indemnification and liability;
and
- other factors, most of which are beyond our
control.
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. Readers
should carefully review these risk factors, and are cautioned not
to place undue reliance on our forward-looking statements. The
forward-looking statements in this news release speak only as of
the date on which they are made. We assume no obligation to update
publicly any such forward-looking statements, whether as a result
of new information, future events or otherwise.
Additional information and where to find
it
This communication may be deemed to be
solicitation material in respect of the proposed takeover of
OneBeacon by Intact. In connection with the proposed transaction,
OneBeacon intends to file relevant materials with the SEC,
including a proxy statement in preliminary and definitive form.
Investors and security holders are urged to read all relevant
documents filed with the SEC (if and when they become available),
including OneBeacon's definitive proxy statement, because they will
contain important information about the proposed transaction.
Investors and security holders will be able to obtain copies of the
proxy statement and other documents filed with the SEC (if and when
available) free of charge at the SEC's website, http://www.sec.gov,
or for free from OneBeacon by contacting ir@onebeacon.com. Such
documents are not currently available.
Participants in solicitation
This
communication is neither a solicitation of a proxy nor a substitute
for any proxy statement or other filings that may be made with the
SEC in connection with the proposed transaction. OneBeacon,
Intact and their respective directors, executive officers and other
members of management and employees, under SEC rules, may be deemed
to be "participants" in the solicitation of proxies from holders of
OneBeacon's common shares in favor of the proposed
transaction. Information about OneBeacon's directors and
executive officers is set forth in OneBeacon's Proxy Statement on
Schedule 14A for its 2017 Annual General Meeting of Shareholders,
which was filed with the SEC on April 11,
2017, its Annual Report on Form 10-K for the fiscal year
ended December 31, 2016, which was
filed with the SEC on February 27,
2017 and its Current Report on Form 8-K filed with the SEC
on March 6, 2017. Information
about Intact's directors and executive officers is set forth in
Intact's Management Proxy Circular for its 2017 Annual and Special
Meeting of Shareholders, its Annual Information Form for the fiscal
year ended December 31, 2016, and its
Management's Discussion and Analysis for the fiscal year ended
December 31, 2016, all of which are
available on www.sedar.com. These documents may be obtained free of
charge from the sources indicated above. Additional information
regarding the interests of these participants which may, in some
cases, be different than those of OneBeacon's shareholders
generally, will also be included in OneBeacon's proxy statement
relating to the proposed transaction, when it becomes
available.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/onebeacon-reports-1091-book-value-per-share-300449985.html
SOURCE OneBeacon Insurance Group, Ltd.