CANTON, Mass., Sept. 3 /PRNewswire-FirstCall/ -- Wildfires currently raging in southern California threaten that area's power grid as well as commercial buildings, homes and other property. Because power outages can significantly affect commercial operations, OneBeacon Insurance urges businesses in California - and across the U.S. - to prepare for a potential long-term loss of power by taking the following steps:
-- Develop a plan to limit losses and continue business during and after a power outage. -- Develop alternative means for communicating with employees and customers, and for them to communicate with the business, in case primary communication methods are disrupted; take advantage of SmartPhones, cell phones, etc. -- Make certain IT power-down and backup procedures are adequate to preserve business data. -- Keep generators and other alternative power sources on hand for critical devices; these power sources would include cell phone batteries, hand-cranked flashlights and radios, extra batteries for radios, extra laptop batteries, etc. If generators are unavailable to purchase in the middle of a crisis, they may be available to rent. -- Encourage employees and their families to refill medications before they run out in case pharmacies are affected by an outage. -- Stockpile drinking water and nonperishable foods. Also, keep coolers and a supply of ice ready to store perishable food. -- Fill vehicle gas tanks and (safely) store extra fuel, if possible -- Know the locations of gas shut-off valves in buildings, and how to use them.
Additional recommendations are available at the Web site of the Institute for Business & Home Safety (IBHS): http://www.disastersafety.org/. IBHS is an independent, nonprofit, scientific and educational organization supported by the OneBeacon Charitable Trust and other members of the property-casualty insurance industry. Business owners can find more resiliency planning information at http://www.onebeacon.com/ > Tools & Resources > Business Safety.
About OneBeacon: OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. 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 businesses are national in scope, while commercial lines business is produced in select territories throughout the United States. Personal lines business is concentrated in the Northeastern United States.
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:
-- change 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, windstorms, earthquakes, floods, fires, explosions, terrorist attacks or severe winter weather; -- 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 agents; -- changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors, its agents or its customers; -- an economic downturn or other economic conditions adversely affecting its financial position including stock market volatility; -- actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch; -- 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 the Form 10-K for the fiscal year ended December 31, 2008 filed February 27, 2009.
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.
OneBeacon Insurance Group, Ltd.
CONTACT: Maggie Sheehan of OneBeacon Insurance Group, Ltd.,
+1-781-332-7271, msheehan@onebeacon.com
Web Site: http://www.onebeacon.com/
