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buying property abroad
News and Information Article
BOSTON, Nov. 8 // -- OneBeacon Insurance Group, Ltd. today
announced the pricing of its initial public offering of 24,000,000 Class A
common shares, at a price of $25 per share. The shares will be listed on
the New York Stock Exchange and will trade under the symbol "OB" beginning
November 9, 2006. The 24,000,000 shares are being sold by a subsidiary of
White Mountains Insurance Group, Ltd., which will receive all of the
expected proceeds of the offering. The underwriters have the option to
purchase up to an additional 3,600,000 shares from the selling shareholder
at the initial public offering price less the underwriting discount.
Following the completion of the offering, White Mountains will remain the
companys majority owner.
Lehman Brothers Inc. has acted as the sole book-running manager of this
offering and Banc of America Securities LLC has acted as joint lead
manager.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities law of any such state or jurisdiction.
A copy of OneBeacons final prospectus related to this offering may be
obtained by contacting:
Lehman Brothers Inc. c/o ADP Financial Services
Prospectus Fulfillment
1155 Long Island Avenue
Edgewood, New York 11717
Email: monica_castillo@adp.com
Fax: (631) 254-7268
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:
* growth 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,
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 OneBeacons control; and
* the risks that are described from time to time in OneBeacons filings
with the Securities and Exchange Commission, including OneBeacons
Registration Statement on Form S-1 filed August 4, 2006, as amended.
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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