CANTON, Mass., Sept. 3 /PRNewswire-FirstCall/ -- OneBeacon Insurance Group today announced a new solution for midsize businesses that combines data breach protection with effective response services.
Data Breach Recovery insurance includes Data Breach Recovery Expense coverage for the costs of responding to a data breach, and Data Breach Services to help a business prepare for a potential incident and notify affected individuals should a breach occur.
Roger Pare, Chief Underwriting Officer for OneBeacon Commercial Middle Market said, "Despite a company's best efforts to protect its employees' and customers' personally identifiable information, this data can sometimes be compromised. Our Data Breach Recovery solution helps our policyholders respond to an incident, and provides their affected customers with a professional response management team. The coverage is available in our @vantage product suite as an endorsement, providing the convenience of just one policy."
Data Breach Recovery Expense provides coverage for specified expenses incurred as the result of a data breach:
-- Cost of notification -- Forensic analysis -- Proactive monitoring services -- Legal services -- Public relations -- Third-party data breach -- Data breach ransom -- Data breach reward
Data Breach Services include specialized response services provided by Identity Theft 911(R), a leader in identity management, for customers of the business that experiences a data breach:
-- Consulting services -- Toll-free help line -- Fraud alert -- Identity restoration case management Employee Identity Theft Resolution Services
The policy also includes an additional service endorsement that enables policyholders, their employees, and the employees' resident family members to take advantage of Identity Theft Resolution Services from Identity Theft 911(R) if they have a personal need for expert assistance with identity-related concerns.
"If they suffer the loss or theft of private personal data, they may contact Identity Theft 911(R) for proactive guidance that can include assistance in placing a free fraud alert on their credit file to reduce the risk of fraudulent accounts being opened in their names," said Pare. "And if they become the victim of identity theft or account takeover, a fraud specialist will guide them through the process of restoring their identity."
Offered in partnership with select independent agents, OneBeacon @vantage is available for the following industries: information technology, medical technology, financial services, professional services, metalworking, commercial real estate, cultural institutions, food, media, plastics, printing, progressive care, wholesaling and retailing.
OneBeacon Insurance Group offers 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's:
-- growth in adjusted 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, 2007 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.
