BOSTON, Nov. 8 /PRNewswire/ -- 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 company's 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 OneBeacon's 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:
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 OneBeacon's control; and
* the risks that are described from time to time in OneBeacon's filings
with the Securities and Exchange Commission, including OneBeacon's
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.
