CANTON, Mass., April 10 /PRNewswire-FirstCall/ -- OneBeacon Insurance Group and Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency, the nation's premier collector car and classic boat agencies, are now collaboratively providing property and casualty insurance solutions to these markets. The companies had previously announced their planned alliance in April 2007. Hagerty has been providing specialized services for collector car and wooden boat enthusiasts for nearly 25 years.
Mike Miller, CEO of OneBeacon said, "We are thrilled to be writing new business with Hagerty after nearly a year collaborating on products and a supporting platform to serve the collector markets. We have all been inspired by the Hagerty team's deep knowledge and passion about collector cars and boats. Needless to say, we are very excited about this new OneBeacon specialized capability delivered with our exceptional Hagerty partners."
McKeel Hagerty, CEO of Hagerty said, "We have been quite impressed by OneBeacon's commitment to readily handle our customers' unique needs. As a company that emphasizes specialization, they recognize the deep value delivered through tailored products and underwriting expertise. We look forward to a long-term relationship with our new partners at OneBeacon."
Through this alliance, Hagerty will continue its emphasis on providing world-class, tailored coverages for collectible automobiles and wooden boats. OneBeacon's select network of independent agents has immediate access to these products as Hagerty subproducers.
About OneBeacon: OneBeacon Insurance Group offers a range of specialty and segmented commercial and personal insurance products through its underwriting companies, 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 rated "A" by A.M. Best and is publicly traded on the New York Stock Exchange under the symbol "OB" .
About Hagerty: Hagerty is the leading insurance agency for collector vehicles and boats in the nation and host to the largest network of collector car owners.
Hagerty's specialty services include collector car and wooden boat insurance, financing and roadside assistance, as well as a variety of useful information resources. Its Hagerty Plus community of collector-car enthusiasts numbers over 250,000 members. The Company works proactively on hobby advocacy and supports the Collectors Foundation, a nonprofit organization dedicated to preservation of the hobby.
Hagerty is headquartered in Traverse City, Michigan and has been providing insurance solutions for 40 years. Their focus on collector cars and boats emerged in 1983.
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's:
-- 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 Form 10K filed February 29, 2008.
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.
