2011 marked our tenth anniversary. On June 1, 2001, White Mountains Insurance Group, Ltd. acquired CGU’s U.S. operations and the company was renamed OneBeacon. (Did you know that our name was the result of a naming contest? Three employees suggested OneBeacon as 1 Beacon Street, Boston had been the longtime address of the company’s “home office.”)
Back in 2001, there were just two specialty businesses—International Marine Underwriters and A.W.G. Dewar, ocean marine and tuition refund specialists, respectively. However, these businesses were the real jewels, with simple and compelling business models: dedicated teams deeply skilled in their respective segments; tailored products and services; and similarly specialized distribution channels.
Recognizing the value of these niche business units, we began forming additional specialty segments, starting with OneBeacon Professional Insurance (OBPI) in 2002. Initially focused on professional liability coverages for the health care industry, OBPI has selectively expanded its offerings to a broad range of targeted customer groups.
In 2006, we began our quest toward full specialization in earnest, starting new segments through teams of people or business acquisitions. In each case, we identified opportunities featuring customer-group expertise. Today, OneBeacon features 12 diverse specialty units, each excited about its markets and opportunities, and ready to build on their strengths going into our second decade.
We have made remarkable progress in a highly competitive industry. We’re proud of our first ten years and excited about our future.