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Press release from PR Newswire

OneBeacon Reports $11.86 Book Value Per Share

Friday, July 27, 2012

OneBeacon Reports $11.86 Book Value Per Share07:00 EDT Friday, July 27, 2012HAMILTON, Bermuda, July 27, 2012 /PRNewswire/ -- OneBeacon Insurance Group, Ltd. (NYSE: OB) today reported book value per share of $11.86, an increase of 1.2% for the second quarter and 6.3% through six months, including dividends. Mike Miller, CEO of OneBeacon said, "Our results for the first half of 2012 show good book value growth, which includes strong underwriting results and positive investment returns.  Our combined ratios reflect the consistent profitability of our Specialty businesses.  We are pleased with our premium growth, which is driven by positive renewal price increases, strong renewal retention and good new business levels."For the second quarter, comprehensive income and net income were both $12 million, and operating income was $20 million, or $0.21 per share. For the six months ended June 30, 2012, comprehensive income was $57 million, net income was $56 million and operating income was $45 million, or $0.47 per share. Operating income is a non-GAAP financial measure which is explained later in this release.Insurance Operations: The GAAP combined ratio was 93.9% in the second quarter, compared to 95.1% for the second quarter of 2011, and 93.7% for the six months ended June 30, 2012 compared to 94.3% for the first six months of 2011. The GAAP combined ratio for both the second quarter and the first six months of 2012 reflected improvement in the current accident year loss ratio including lower catastrophe losses, partially offset by lower favorable loss reserve development. Catastrophe losses were 2 points in both the second quarter and the first six months of 2012 compared to 6 points in the second quarter and 4 points in the first six months of last year. Favorable loss reserve development was 1 point in the second quarter of 2012 compared to 4 points in the second quarter of last year. The first six months of 2012 included 1 point of unfavorable loss reserve development compared to 3 points of favorable loss reserve development in the first six months of last year.Specialty Insurance Operations' GAAP combined ratio was 94.0% for the second quarter, compared to 95.0% for the second quarter of 2011, and 91.5% for the first six months of 2012, compared to 94.7% for first six months of 2011, reflecting improvement in the current accident year loss ratio including a decrease in catastrophe losses and slightly lower favorable prior accident year loss reserve development.Second quarter net written premiums were $293 million, an increase of 10% over the second quarter of 2011. Through six months, premiums were $597 million, an increase of 14% from the first six months of last year. These increases reflect strong new business results from a number of the Specialty businesses, particularly OneBeacon Technology, collector car and boat business written through Hagerty Insurance Agency, OneBeacon Energy Group and OneBeacon Specialty Property.Consolidated Investment Results:  OneBeacon's second quarter total return on invested assets was 0.1% compared to 1.0% for the second quarter of 2011. These results included net realized and unrealized investment losses of $12 million and net investment income of $14 million, compared to net realized and unrealized investment gains of $11 million and net investment income of $19 million for the second quarter of 2011. The average market value of invested assets was $2.7 billion in the second quarter as compared to $3.1 billion in the second quarter of 2011, reflecting the impact of the company's capital management activities.Through the first six months of the year, total return on invested assets was 1.8% compared to 2.5% through June 30, 2011.  These results included net realized and unrealized investment gains of $18 million and net investment income of $29 million, compared to net realized and unrealized investment gains of $34 million and net investment income of $40 million for the first six months of 2011. The average market value of invested assets was $2.7 billion through the first six months of 2012 as compared to $3.1 billion through June 30, 2011, again reflecting the impact of the company's capital management activities.                      Company to Host Webcast:  OneBeacon will host its second quarter 2012 webcast for analysts and investors at 10:00 a.m. ET on Friday, July 27. A copy of the earnings release, the slide presentation to be referenced during the call and a financial supplement are available on the company's website: www.onebeacon.com. An audio playback of the teleconference will be available on the website shortly following the webcast.About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB." OneBeacon's underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment. OneBeacon's solutions target professional liability; ocean and inland marine; collector cars and boats; energy; entertainment, sports and leisure; excess property; environmental; group accident; programs; public entities; technology; and tuition refund. For further information about our products and services visit: www.onebeacon.com and to remain up to date on OneBeacon's news, follow us on Twitter @OneBeaconIns or visit our online newsroom: www.onebeacon.com/newsroom.  ONEBEACON INSURANCE GROUP, LTD.CONSOLIDATED BALANCE SHEETS($ in millions)(Unaudited)June 30,December 31, June 30,201220112011AssetsInvestment securities: Fixed maturity investments$2,020.1$1,886.2$2,228.5Short-term investments 148.8320.0116.2Common equity securities266.5266.5304.7Convertible fixed maturity investments 75.679.879.8Other investments155.3155.1158.3Total investments2,666.32,707.62,887.5Cash27.054.931.3Reinsurance recoverable on unpaid losses2,040.72,167.51,825.9Reinsurance recoverable on paid losses24.216.516.2Premiums receivable275.9230.9276.9Deferred acquisition costs120.9123.5119.2Ceded unearned premiums10.910.726.2Net deferred tax asset84.393.690.8Investment income accrued13.714.115.8Accounts receivable on unsettled investment sales7.10.57.3Other assets270.0269.2276.4Assets held for sale (1) -132.6-Total assets$5,541.0$5,821.6$5,573.5LiabilitiesLoss and loss adjustment expense reserves $3,175.3$3,358.6$3,131.5Unearned premiums570.4528.0570.0Debt 269.8269.7269.7Ceded reinsurance payable26.623.451.0Accounts payable on unsettled investment purchases38.122.723.6Other liabilities314.5397.7356.5Liabilities held for sale (1) -107.6-Total liabilities4,394.74,707.74,402.3OneBeacon's common shareholders' equity and noncontrolling interestsOneBeacon's common shareholders' equity: Common shares and paid-in surplus1,017.61,002.21,001.2Retained earnings 124.8108.5150.7Accumulated other comprehensive (loss) income, after tax:Other comprehensive income and loss items (10.6)(10.9)0.4Total OneBeacon's common shareholders' equity1,131.81,099.81,152.3Total noncontrolling interests14.514.118.9Total OneBeacon's common shareholders' equity and noncontrolling interests1,146.31,113.91,171.2Total liabilities, OneBeacon's common shareholders' equity and noncontrolling interests$5,541.0$5,821.6$5,573.5(1)Represents assets and liabilities being sold as part of the AutoOne transaction required to be presented separately in the December 31, 2011 consolidated balance sheet. The AutoOne transaction closed in February 2012.   ONEBEACON INSURANCE GROUP, LTD.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions, except per share amounts)(Unaudited)Three Months Ended June 30, Six Months Ended June 30, 2012201120122011Revenues:Earned premiums$282.0$247.5$554.8$492.6Net investment income14.018.728.739.7Net realized and unrealized investment (losses) gains (11.9)11.017.934.1Net other revenues (expenses) 0.2(11.5)0.3(10.7)Total revenues284.3265.7601.7555.7Expenses:Loss and loss adjustment expenses152.5137.9301.8268.3Policy acquisition expenses60.153.5117.5102.5Other underwriting expenses52.044.1100.893.4General and administrative expenses2.62.65.34.9Interest expense on debt4.06.08.112.3Total expenses 271.2244.1533.5481.4Pre-tax income from continuing operations 13.121.668.274.3Income tax expense  (0.6)(4.4)(11.0)(14.1)Net income from continuing operations12.517.257.260.2Loss from discontinued operations, net of tax (1) -(1.2)(0.1)(1.9)Net income including noncontrolling interests12.516.057.158.3Less:  Net income attributable to noncontrolling interests (0.2)(0.5)(0.8)(0.9)Net income attributable to OneBeacon's common shareholders12.315.556.357.4Change in other comprehensive income and loss items 0.1-0.30.1Comprehensive income attributable to OneBeacon's common shareholders $12.4$15.5$56.6$57.5Earnings (loss) per common share - basic and dilutedNet income from continuing operations per share$0.13$0.18$0.60$0.64Loss from discontinued operations, net of tax, per share-(0.01)(0.00)(0.02)Net income attributable to OneBeacon's common shareholders per share$0.13$0.16$0.59$0.61Weighted average number of common shares outstanding (2) 95.494.795.394.5(1)Results for AutoOne are reported as discontinued operations for all periods presented through closing. The AutoOne transaction closed in February 2012.  (2)Weighted average common shares outstanding includes the impact of unvested restricted shares and also the impact of repurchases of Class A common shares made through the company's share repurchase program.  ONEBEACON INSURANCE GROUP, LTD.SEGMENT STATEMENTS OF OPERATIONS ($ in millions)(Unaudited) For the Three Months Ended June 30, 2012   Investing,  Specialty  Other  Financing  Insurance  Insurance  and Corporate  Operations  Operations  Operations  Total  Earned premiums $              280.3$                   1.7$                              -$             282.0 Loss and loss adjustment expenses (151.4)(1.1)-(152.5) Policy acquisition expenses (60.8)0.7-(60.1) Other underwriting expenses (51.3)(0.7)-(52.0) Underwriting income  16.80.6-17.4 Net investment income  --14.014.0 Net realized and unrealized investment losses --(11.9)(11.9) Net other revenues  0.1-0.10.2 General and administrative expenses (0.5)-(2.1)(2.6) Interest expense on debt --(4.0)(4.0) Pre-tax income (loss)  $                 16.4$                   0.6$                         (3.9)$               13.1 For the Three Months Ended June 30, 2011   Investing,  Specialty  Other  Financing  Insurance  Insurance  and Corporate  Operations  Operations  Operations  Total  Earned premiums $                246.9$                    0.6$                              -$              247.5 Loss and loss adjustment expenses (139.0)1.1-(137.9) Policy acquisition expenses (53.5)--(53.5) Other underwriting expenses (42.0)(2.1)-(44.1) Underwriting income (loss)  12.4(0.4)-12.0 Net investment income  --18.718.7 Net realized and unrealized investment gains  --11.011.0 Net other revenues (expenses)  0.10.6(12.2)(11.5) General and administrative expenses (0.4)-(2.2)(2.6) Interest expense on debt --(6.0)(6.0) Pre-tax income  $                  12.1$                    0.2$                           9.3$                21.6  ONEBEACON INSURANCE GROUP, LTD.SEGMENT STATEMENTS OF OPERATIONS ($ in millions)(Unaudited) For the Six Months Ended June 30, 2012   Investing,  Specialty  Other  Financing  Insurance  Insurance  and Corporate  Operations  Operations  Operations  Total  Earned premiums $              552.1$                   2.7$                             -$             554.8 Loss and loss adjustment expenses (287.9)(13.9)-(301.8) Policy acquisition expenses (119.0)1.5-(117.5) Other underwriting expenses (98.7)(2.1)-(100.8) Underwriting income (loss)  46.5(11.8)-34.7 Net investment income  --28.728.7 Net realized and unrealized investment gains --17.917.9 Net other revenues (expenses)  0.20.2(0.1)0.3 General and administrative expenses (0.8)-(4.5)(5.3) Interest expense on debt --(8.1)(8.1) Pre-tax income (loss)  $                45.9$               (11.6)$                        33.9$               68.2 For the Six Months Ended June 30, 2011   Investing,  Specialty  Other  Financing  Insurance  Insurance  and Corporate  Operations  Operations  Operations  Total  Earned premiums $                488.8$                    3.8$                              -$              492.6 Loss and loss adjustment expenses (271.6)3.3-(268.3) Policy acquisition expenses (102.7)0.2-(102.5) Other underwriting expenses (88.4)(5.0)-(93.4) Underwriting income  26.12.3-28.4 Net investment income  --39.739.7 Net realized and unrealized investment gains --34.134.1 Net other revenues (expenses)  0.21.5(12.4)(10.7) General and administrative expenses (0.9)-(4.0)(4.9) Interest expense on debt --(12.3)(12.3) Pre-tax income  $                  25.4$                    3.8$                         45.1$                74.3  ONEBEACON INSURANCE GROUP, LTD.SUMMARY OF RATIOS AND PREMIUMS ($ in millions)(Unaudited)Three Months Ended June 30, 2012 MGA BusinessSpecialty IndustriesSpecialty ProductsSpecialty Insurance Operations (1) Other Insurance Operations (2) (3) Consolidated Insurance Operations (3) Net written premiums$          79.0$          120.9$              92.2$               292.1$                           1.3$                293.4Earned premiums$          76.2$          103.6$            100.5$               280.3$                           1.7$                282.0Ratios     Loss and loss adjustment expenses51.3%49.4%60.8%54.0%n/m54.1%     Expense44.4%38.4%38.3%40.0%n/m39.8%        GAAP combined95.7%87.8%99.1%94.0%n/m93.9%Three Months Ended June 30, 2011 MGA BusinessSpecialty IndustriesSpecialty ProductsSpecialtyInsurance Operations (1) Other Insurance Operations (2) (3) Consolidated Insurance Operations (3) Net written premiums$           71.7$            102.9$               91.4$                 266.0$                          (0.4)$                  265.6Earned premiums$           68.3$              83.7$               94.9$                 246.9$                           0.6$                  247.5Ratios     Loss and loss adjustment expenses53.3%50.9%63.2%56.3%n/m55.7%     Expense41.6%40.4%35.1%38.7%n/m39.4%        GAAP combined94.9%91.3%98.3%95.0%n/m95.1%Six Months Ended June 30, 2012MGA BusinessSpecialty IndustriesSpecialty ProductsSpecialty Insurance Operations (1) Other Insurance Operations (2) (3) Consolidated Insurance Operations (3) Net written premiums$       134.7$          231.2$            229.3$               595.2$                           1.8$                597.0Earned premiums$       149.1$          202.3$            200.7$               552.1$                           2.7$                554.8Ratios     Loss and loss adjustment expenses47.0%49.8%58.3%52.1%n/m54.4%     Expense44.3%38.3%36.9%39.4%n/m39.3%        GAAP combined91.3%88.1%95.2%91.5%n/m93.7%Six Months Ended June 30, 2011 MGA BusinessSpecialty IndustriesSpecialty ProductsSpecialty Insurance Operations (1) Other Insurance Operations (2) (3) Consolidated Insurance Operations (3) Net written premiums$         120.2$            188.5$             215.6$                 524.3$                            1.2$                  525.5Earned premiums$         134.3$            164.6$             189.9$                 488.8$                            3.8$                  492.6Ratios     Loss and loss adjustment expenses49.4%53.9%61.4%55.6%n/m54.5%     Expense41.8%41.4%35.2%39.1%n/m39.8%        GAAP combined91.2%95.3%96.6%94.7%n/m94.3%(1)Within Specialty Insurance Operations, OneBeacon reports its businesses through three major underwriting units, representing an aggregation of its specialty lines businesses. MGA Business includes Collector Cars and Boats, A.W.G. Dewar and OneBeacon Entertainment. Also included in MGA Business is OneBeacon's newest specialty business, OneBeacon Program Group. Specialty Industries includes International Marine Underwriters, OneBeacon Technology Insurance, OneBeacon Accident Group, OneBeacon Government Risks and OneBeacon Energy Group. Specialty Products includes OneBeacon Professional Insurance, OneBeacon Property and Inland Marine, OneBeacon Specialty Property and OneBeacon Excess and Surplus. (2)Other Insurance Operations includes the nonspecialty commercial lines business that was subject to the renewal rights agreement with The Hanover that began with January 1, 2010 effective dates and other run-off business. As Other Insurance Operations consists of business in run-off, GAAP ratios are not meaningful. For the three months ended June 30, 2012 and 2011, Other Insurance Operations reported underwriting income of $0.6 million and an underwriting loss of $0.4 million, respectively. For the six months ended June 30, 2012 and 2011, Other Insurance Operations reported an underwriting loss of $11.8 million and underwriting income of $2.3 million, respectively. (3)Results for AutoOne are reported as discontinued operations in a single financial statement caption outside of underwriting results for all periods presented through closing. The AutoOne transaction closed in February 2012.  ONEBEACON INSURANCE GROUP, LTD.BOOK VALUE PER SHARE(in millions, except per share amounts)(Unaudited)June 30,March 31,December 31, June 30,2012201220112011NumeratorOneBeacon's common shareholders' equity$1,131.8$1,138.4$1,099.8$1,152.3DenominatorCommon shares outstanding (1) 95.495.495.195.1Book value per share$11.86$11.93$11.56$12.12Growth in book value per share, including dividends, in the quarter   on an IRR basis (2) 1.2%Growth in book value per share, including dividends, in the six month period   on an IRR basis (3) 6.3%Growth in book value per share, including dividends, in the last twelve months   on an IRR basis (4) 4.9%(1)  Common shares outstanding includes the impact of unvested restricted shares and also the impact of repurchases of Class A common shares made through the company's share repurchase program. (2)  Internal rate of return (IRR) calculated based on beginning book value per share, dividends paid and ending book value per share. Includes a quarterly dividend of $0.21 per share. (3)  IRR calculated based on beginning book value per share, dividends paid and ending book value per share. Includes dividends of $0.42 per share (a quarterly dividend of $0.21 per share).  (4)  IRR calculated based on beginning book value per share, dividends paid and ending book value per share. Includes dividends of $0.84 per share (a quarterly dividend of $0.21 per share).   ONEBEACON INSURANCE GROUP, LTD.COMPREHENSIVE INCOME, NET INCOME AND OPERATING INCOME (in millions, except per share amounts)(Unaudited)Twelve Months EndedJune 30,Three Months Ended June 30,Six Months Ended June 30, 20122011201220112012Comprehensive income attributable to OneBeacon's common shareholders$                  12.4$                   15.5$              56.6$               57.5$                        43.0Net income attributable to OneBeacon's common shareholders$                  12.3$                   15.5$              56.3$               57.4$                        54.0Weighted average common shares outstanding (1) 95.494.795.394.595.2Net income attributable to OneBeacon's common shareholders per share $                  0.13$                   0.16$              0.59$               0.61$                        0.57Net income attributable to OneBeacon's common shareholders$                  12.3$                   15.5$              56.3$               57.4$                        54.0Less:Net realized and unrealized investment gains and losses11.9(11.0)(17.9)(34.1)5.6Tax effect on net realized and unrealized investment gains and losses (4.1)3.86.311.9(2.0)  Operating income (2) $                  20.1$                     8.3$              44.7$               35.2$                        57.6Weighted average common shares outstanding (1) 95.494.795.394.595.2Operating income per share (2) $                  0.21$                   0.09$              0.47$               0.37$                        0.61(1) Weighted average common shares outstanding includes the impact of unvested restricted shares and also the impact of repurchases of Class A common shares made through the company's share repurchase program.(2) Represents a non-GAAP financial measure. See discussion of Non-GAAP financial measures.  ONEBEACON INSURANCE GROUP, LTD.COMPREHENSIVE AND OPERATING RETURNS ON AVERAGE EQUITY($ in millions)(Unaudited)Twelve Months EndedJune 30, 2012Numerator:[A]Comprehensive income attributable to OneBeacon's common shareholders $                     43.0[B]Operating income (1) $                     57.6 As of  As of June 30, 2012June 30, 2011AverageDenominator:[C]OneBeacon's common shareholders' equity$               1,131.8$                   1,152.3$                 1,142.1Less:  Net unrealized gains and losses and net foreign currency gains and losses on investments (2) (104.4)(148.3)Tax effect on net unrealized gains and losses and net foreign currency gains and losses on investments36.551.9Accumulated OCI/L, after tax10.6(0.4)[D]Adjusted OneBeacon's common shareholders' equity excluding net unrealized investment gains and losses, after tax, and AOCI/L (1)$               1,074.5$                   1,055.5$                 1,065.0Returns:Comprehensive return on average OneBeacon's common shareholders' equity  [ A / C ]3.8%Operating return on average adjusted OneBeacon's common shareholders' equity excluding net unrealized investment gains and losses, after tax, and AOCI/L [ B / D ] 5.4%(1)Represents a non-GAAP financial measure. See discussion of Non-GAAP financial measures. (2)Net unrealized gains and losses and net foreign currency gains and losses on investments as of June 30, 2012 and 2011 includes unrealized gains and losses on investments held as well as deferred gains and losses relating to sales of investments to entities under common control.  Discussion of Non-GAAP Financial MeasuresThis earnings release includes non-GAAP financial measures that have been reconciled to their most comparable GAAP financial measures. OneBeacon believes these measures to be useful supplements to the comparable GAAP measures in evaluating OneBeacon's financial performance. Operating income is a non-GAAP financial measure that excludes net realized and unrealized investment gains or losses and the related tax effects from net income attributable to OneBeacon's common shareholders. OneBeacon believes that this non-GAAP financial measure provides a useful alternative picture of the underlying operating activities of the company to the GAAP measure of net income attributable to OneBeacon's common shareholders, as it removes variability in the timing of investment gains and losses which may be heavily influenced by investment market conditions. Although key to the company's overall financial performance, OneBeacon believes that net realized and unrealized investment gains or losses are largely independent of the underwriting decision-making process. Operating income per share is calculated by dividing operating income (a non-GAAP financial measure described above) by the weighted average number of common shares outstanding. Management believes that operating income per share is a useful alternative picture of the underlying operating activities of the company as it removes variability in the timing of investment gains and losses which may be heavily influenced by investment market conditions. Net income attributable to OneBeacon's common shareholders per share is the most directly comparable GAAP measure. Adjusted OneBeacon's common shareholders' equity excluding net unrealized investment gains and losses, after-tax, and accumulated other comprehensive income/loss (AOCI/L), the average of which is used in calculating operating returns, is derived by excluding net unrealized gains and losses and net foreign currency gains and losses on investments, after tax, and accumulated other comprehensive income or loss (AOCI/L), after tax, from OneBeacon's common shareholders' equity. For the reasons described above, OneBeacon believes that it is appropriate to remove the variability in net unrealized gains and losses and net foreign currency gains and losses on investments and other comprehensive income and loss items when analyzing certain performance measures. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995This 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, 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 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, 2011 filed February 28, 2012.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.Website: www.onebeacon.comSOURCE OneBeacon Insurance GroupFor further information: Investor Relations, Todd Mills, +1-781-332-7442, ir@onebeacon.com, or Media, Carmen Duarte, +1-781-332-7268, cduarte@onebeacon.com