CANTON, Mass., July 23 /PRNewswire/ -- OneBeacon Insurance Group today announced it has appointed Midwest Hearing Industries, Inc. as an exclusive general agency to produce and manage hearing-aid insurance business throughout the United States. Minneapolis-based Midwest Hearing has been a successful provider of hearing instrument insurance for over 45 years and is a full service agency with a consistent track record of growth and profitability.
"This relationship joins two companies with similar values," said Jeff Hershman, vice president personal lines at OneBeacon. "The unique nature of Midwest Hearing's business, coupled with its niche expertise, dovetails nicely with our focus on specialized opportunities."
Cleo Powers, owner of Midwest Hearing added, "Midwest Hearing has served the hearing-impaired community for more than 45 years, offering the finest in insurance products and services to our customers and the hearing-health professional community. OneBeacon presents an exciting new opportunity for us and we look forward to a long and rewarding relationship."
OneBeacon's Personal Lines capabilities include specialized products for surplus lines homeowners insurance and other specialty personal insurance products.
OneBeacon Insurance Group's operating subsidiaries offer a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories.
OneBeacon's U.S. headquarters is in Canton, Massachusetts. The company is publicly traded on the New York Stock Exchange under the symbol "OB".
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 but not limited
to OneBeacon's Annual Report on Form 10-K for the fiscal year ended
December 31, 2006 filed February 28, 2007.
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.
Contact: Carmen Duarte
Phone: 781.332.7268
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