AVON, Conn., June 7 /PRNewswire-FirstCall/ -- OneBeacon Professional Insurance (OBPI) today announced that it has entered into an exclusive relationship with USI Affinity to administer its Lawyers' Professional Liability (LPL) Insurance program, which provides liability protection solutions for law firms with up to 20 attorneys in Connecticut, Massachusetts, Maryland, Virginia and Washington, D.C. This arrangement coincides with a series of enhancements to OBPI's LPL coverage.
"We are very excited to team up with USI Affinity," said Kim Pihlstrom, Senior Vice President of OBPI's Lawyers' and Real Estate Division. "Leveraging the relationships USI Affinity has developed will greatly enhance our presence in key, targeted markets. It will enable us to more effectively deliver on our commitment to making the professional insurance experience entirely better."
Arnol Kaplan, President & COO, Professional Insurance Solutions, USI Affinity echoed Kim's sentiments. "OBPI is a perfect match for us. Their customer-focused approach to doing business is something our clients look for. Combined with their leading-edge coverage and service capabilities, we feel strongly that together, we can offer a unique solution in the marketplace."
The OBPI-USI Affinity relationship is effective immediately. Additional information, including specific coverage details and contact information, can be found at: www.onebeaconpro.com.
"As we continue to strategically grow our business, it is important to find others who share that focus," Pihlstrom added. "USI Affinity prides itself on finding tailored solutions for their clients. That's exactly what we provide."
OneBeacon Professional Insurance is a member of OneBeacon Insurance Group. It specializes in professional liability solutions for targeted industries, and features tailored risk management services, superior claims capabilities, a decision-making structure that supports faster underwriting decisions and an approved access distribution model.
USI Affinity has grown to become a leading administrator of Bar Association and Lawyer Professional Liability insurance programs nationwide. Through proven performance and market clout, USI Affinity has relationships with more than 30 prestigious state, regional, and city bar associations. USI Affinity's reputation and market position provide the necessary leverage to ensure competitively priced, quality product offerings due to their close relationships with the most respected insurance companies nationwide.
About OneBeacon: OneBeacon Insurance Group, Ltd. (NYSE: OB) is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB". OneBeacon Insurance Group's underwriting companies offer a range of insurance products sold through select independent agents, regional and national brokers, and wholesalers. The company's ongoing businesses include OneBeacon Professional Insurance, International Marine Underwriters, Entertainment Brokers International Insurance Services, Specialty Accident and Health, OneBeacon Government Risks, OneBeacon Energy Group, A.W.G. Dewar (tuition refund), collector cars and boats written through Hagerty Insurance Agency, OneBeacon Technology Group, OneBeacon Financial Services, OneBeacon Specialty Property, Property and Inland Marine and AutoOne.
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 personal lines business is concentrated in the Northeastern United States.
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, 2009 filed February 26, 2010.
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.
SOURCE OneBeacon Insurance Group, Ltd.