CANTON, Mass., Dec. 18 /PRNewswire-FirstCall/ -- OneBeacon Professional Partners, a member of OneBeacon Insurance Group , today announced new Employment Practices Liability insurance for both large and small professional firms.
"All professional firms --- from law and accounting to architecture and engineering --- face the complexities of employment practices exposures. Our new Employment Practices Liability product delivers a comprehensive solution, backed by proven underwriting expertise, for professional firms that employ five or more employees," said Paul Ablan, senior vice president and managing director of professional liability for OneBeacon Professional Partners.
Employment Practices Liability insurance from OneBeacon Professional Partners offers a number of specialized features, including broad definitions of discrimination, harassment, retaliation, workplace torts and wrongful termination; protection for harassment or discrimination claims by third parties; choice of counsel for qualified firms; and much more. Full prior acts coverage is available, as is worldwide coverage.
This solution also offers tailored risk management services -- qualified customers can take advantage of telephone consultations and risk assessment and education services --- and responsive, professional handling of sensitive claims matters. Said Laurie Sablak, OneBeacon Professional Partners' product leader for Employment Practices Liability and assistant vice president of professional liability, "We are excited to launch this new solution, as it also offers many cross-selling opportunities with our OneBeacon Professional Partners Lawyers Professional Liability products and OneBeacon's property and casualty coverages for small and midsize professional firms."
For more information about OneBeacon Professional Partners' Employment Practices Liability solution, visit http://www.onebeaconpro.com/ > Products > Miscellaneous Professional.
OneBeacon Professional Partners is a member of OneBeacon Insurance Group that specializes in professional liability solutions for targeted industries including hospitals, managed care organizations, long-term care facilities, health care facilities, media and lawyers. Additionally, OneBeacon Professional Partners provides custom products including health care provider excess insurance and HMO reinsurance.
About OneBeacon: OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products. 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.
