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TechAssure Association Announces OneBeacon As Technology Insurance Partner

PLYMOUTH, Minn. and CHARLOTTE, N.C., April 19, 2016 /PRNewswire/ -- The TechAssure Association has announced its selection of OneBeacon Insurance Group (NYSE: OB) as its newest technology insurance partner effective immediately.

TechAssure is a global association of independent insurance agents/brokers who specialize in managing technology risks. Through this key strategic partnership, TechAssure member companies can access OneBeacon's capabilities and resources that are similarly tailored for technology businesses. OneBeacon Technology Insurance™ will be the dedicated resource for this sponsorship.

OneBeacon Technology Insurance President John Wurzler noted, "We have been affiliated with TechAssure for several years as a sponsor of their educational efforts available through TechAssure University. We are excited to significantly enhance our relationship through this partnership and look forward to working closely with the TechAssure leadership and member agencies and brokers."

Added Garrett Droege, TechAssure Executive Director "OneBeacon Technology has been a dedicated TechAssure partner for several years. Like us, they are committed to helping companies with technology-related risks better understand and mitigate their risks. OneBeacon will help us further our mission by offering members education, resources and collaboration opportunities. We are very happy to welcome OneBeacon Technology Insurance as our newest carrier partner."

About OneBeacon Technology Insurance: OneBeacon Technology Insurance, a brand of OneBeacon Insurance Group, Ltd., delivers all-lines underwriting solutions for the technology, life science and medical technology, and telecommunications industries, as well as media companies and content providers. The specific capabilities offered include risk control, claims and third-party vendor solutions. Products span property, casualty, cyber, E&O, international, products liability and professional coverages. Our dedicated team of insurance professionals delivers custom solutions as needed to each of our customers. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, Homeland Insurance Company of New York, Homeland Insurance Company of Delaware, OBI America Insurance Company and OBI National Insurance Company. For further information visit: onebeacontech.com.

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, and providing distinct products and tailored coverages and services. OneBeacon's solutions target group accident; architects & engineers; commercial surety; entertainment; environmental; excess property; financial institutions; financial services; healthcare; management liability; ocean and inland marine; 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.

About TechAssure: TechAssure Association is a not-for-profit organization of the leading independent insurance brokers who specialize in technology-based products and services, including life sciences, telecommunications, digital media, clean tech, and government contractors, as well as the venture capital and private equity firms that fund them.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news 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 news release that address activities, events or developments which we expect will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict," "anticipate" 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 our 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;
  • future capital expenditures; and
  • pending legal proceedings.

These statements are based on certain assumptions and analyses made by us in light of OneBeacon's experience and judgments about 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 is subject to a number of risks, uncertainties or other factors which are described in more detail 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;
  • changes in interest rates, debt or equity markets or other market volatility that negatively impact our investment portfolio;
  • competitive forces and the cyclicality of the property and casualty insurance industry;
  • actions taken by rating agencies from time to time with respect to us, such as financial strength or credit rating downgrades or placing our ratings on negative watch;
  • the continued availability of capital and financing;
  • our ability to retain key personnel;
  • the continued availability and cost of reinsurance coverage and our ability to collect reinsurance recoverables;
  • the outcome of litigation and other legal or regulatory proceedings;
  • our ability to continue meeting our debt and related service obligations or to pay dividends;
  • the ability of our technology resources to prevent data breach and the ability of our internal controls to ensure compliance with legal and regulatory policies;
  • our ability to successfully develop new specialty businesses;
  • changes in laws or regulations, or their interpretations, which are applicable to us, our competitors, our agents or our customers;
  • participation in guaranty funds and mandatory market mechanisms;
  • the impact of new theories of liability;
  • changes to current shareholder dividend practice and regulatory restrictions on dividends;
  • credit risk exposure in certain of our business operations;
  • our status as a subsidiary of White Mountains, including potential conflicts of interest;
  • changes in tax laws or tax treaties; and
  • other factors, most of which are beyond our control, including 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, 2015 filed February 26, 2016.

Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the anticipated results or developments will be realized or, even if substantially realized, that they will have the expected consequences. 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.

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