BOSTON, Dec. 5 /PRNewswire/ -- OneBeacon Insurance Company, a wholly owned
subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM), announced it
has signed an agreement in principle to acquire the Atlantic Specialty
Insurance Company, a subsidiary of Atlantic Mutual, and the renewal rights to
Atlantic Mutual's commercial insurance business, including the unearned
premiums on the acquired book. The overall gross written premium for this book
of business totals approximately $450 million.
"This is an exciting new chapter for OneBeacon," said John Cavoores,
president and CEO of OneBeacon. "With the acquisition of this segmented
middle-market business, we will start underwriting commercial business
throughout the United States. This will bring the best of Atlantic Mutual's
and OneBeacon's commercial products, services and people to the market. It is
a great fit for OneBeacon and I welcome the Atlantic Mutual employees and
producers to the OneBeacon organization," added Cavoores.
Consummation of the transaction is subject to regulatory approval and
Headquartered in Boston, Massachusetts, OneBeacon Insurance Group provides
property-casualty and select specialty insurance solutions. With roots dating
back 170 years and an A.M. Best rating of A (excellent), OneBeacon's wide
range of personal, commercial and specialty products and services are sold
through select property-casualty independent agents.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance
Group, Ltd., of Hamilton, Bermuda. White Mountains' principal businesses are
conducted through its subsidiaries and affiliates in the business of property-
casualty insurance and reinsurance. The company is publicly traded on the New
York Stock Exchange under the symbol "WTM."
Safe Harbor Statement under the Private Securities Litigation Reform Act
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 "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 White Mountains':
- growth in book value per share or return on equity;
- financial and operating targets or plans;
- incurred losses and the adequacy of its loss and loss adjustment
- projections of revenues, income (or loss), earnings (or loss) per
share, dividends, market share or other financial forecasts;
- expansion and growth of its business and operations; and
- future capital expenditures.
These statements are based on certain assumptions and analyses made by
White Mountains 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 with its expectations and
predictions is subject to a number of risks and uncertainties that could cause
actual results to differ materially from expectations, including:
- whether the acquisition of Atlantic Specialty Insurance Company is
- the continued availability of capital and financing;
- general economic, market or business conditions;
- business opportunities (or lack thereof) that may be presented to it
- competitive forces, including the conduct of other property and
casualty insurers and reinsurers;
- changes in domestic or foreign laws or regulations applicable to White
Mountains, its competitors or its clients;
- an economic downturn or other economic conditions adversely affecting
its financial position;
- loss reserves established subsequently proving to have been inadequate;
- other factors, most of which are beyond White Mountains' control.
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 White
Mountains will be realized or, even if substantially realized, that they will
have the expected consequences to, or effects on, White Mountains or its
business or operations. White Mountains assumes no obligation to update
publicly any such forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact: Carmen Duarte
SOURCE White Mountains Insurance Group, Ltd.
CONTACT: Carmen Duarte of OneBeacon Insurance Company, +1-617-725-6598,