HAMILTON, Bermuda, Aug. 4 /PRNewswire-FirstCall/ -- White Mountains
Insurance Group, Ltd. (NYSE: WTM) announced today that its wholly owned
subsidiary, OneBeacon Insurance Group, Ltd., has filed a registration
statement on Form S-1 with the Securities and Exchange Commission for a
proposed underwritten initial public offering of up to $500 million of its
common shares, including an option for the underwriters to purchase additional
common shares. All of the shares will be sold by White Mountains Holdings
Bermuda Ltd., a wholly owned subsidiary of White Mountains Insurance Group,
OneBeacon Insurance Group, Ltd. is the holding company for the OneBeacon
Insurance property and casualty businesses. OneBeacon provides a range of
specialty insurance products as well as a variety of segmented commercial and
personal insurance products.
Application will be made to list the common shares of OneBeacon Insurance
Group, Ltd. on the New York Stock Exchange under the symbol "OB."
Lehman Brothers Inc. will act as sole book-running manager for the
offering and Banc of America Securities LLC will act as joint lead manager.
This offering of common shares will be made only by means of a prospectus. A
written prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, when available, may be obtained from Lehman Brothers Inc., c/o
ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue,
Edgewood, New York 11717, or by email at firstname.lastname@example.org, or by fax:
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted, prior to the
time the registration statement becomes effective. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
White Mountains is a Bermuda-domiciled financial services holding company
traded on the New York Stock Exchange and the Bermuda Stock Exchange under the
symbol WTM. Additional financial information and other items of interest are
available at the Company's web site located at www.whitemountains.com.
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. Forward-looking statements, including statements regarding the
completion of the proposed initial public offering and any of the terms
thereof, are inherently uncertain and subject to a variety of risks that could
cause actual results to differ materially from those expected by management of
White Mountains Insurance Group, Ltd. or OneBeacon Insurance Group, Ltd.
Consequently, 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.
SOURCE White Mountains Insurance Group, Ltd.
/PR Newswire -- Aug. 4/
/Web site: http://www.whitemountains.com /
CO: White Mountains Insurance Group, Ltd.; OneBeacon Insurance Group, Ltd.;
White Mountains Holdings Bermuda Ltd.
IN: FIN INS
-- NYF035 --
6256 08/04/2006 07:48 EDT http://www.prnewswire.com