OneBeacon Professional Insurance Announces New Lawyers' Professional Liability Non-Admitted Product

MINNETONKA, Minn., Oct. 11, 2012 /PRNewswire/ -- OneBeacon Professional Insurance (OBPI), a member of OneBeacon Insurance Group, Ltd. (NYSE: OB), today announced its non-admitted Lawyers' Professional Liability product for law firms in certain areas of practice.

"This new, non-admitted product gives brokers the flexibility to consider a wide variety of options when presented with difficult law firm risk protection issues," said Kim Noble, Senior Vice President for OBPI's Lawyers' Professional Liability (LPL) Division. "We can tailor coverage to provide solutions to an expanded range of unique and complex situations, allowing brokers to react quickly to changes and opportunities in the marketplace."  

OBPI's non-admitted coverage considers a variety of risks, including firms with ten or more attorneys, plaintiff firms (including class action/mass tort), bankruptcy, collection and foreclosure firms, real estate firms, estate, probate and trust firms, as well as other areas of practice, all subject to underwriting criteria. Additional features of the product include:

• Limits available are $1 million/$1 million up to $5 million/$5 million;
• Disciplinary proceedings costs coverage at $25,000/$100,000;
• Definition of professional legal services includes lawyer, notary, arbitrator/mediator, court appointed fiduciary, lobbyist and trustee;
• Business will be placed with a OneBeacon Insurance Group surplus lines underwriting company, which has an A.M. Best "A" rating.

"Brokers are facing a variety of challenges when it comes to lawyers' professional liability," explained Noble.  "We want to put our expertise and experience to work for them to help find ways to meet those challenges."

For exact coverage descriptions and limits, customers should refer to the actual Lawyers' Professional Liability policy, as exclusions and deductibles may apply. Coverages are subject to policy terms and conditions and may not be available in all states.

About OneBeacon Professional Insurance: OneBeacon Professional Insurance is a member of OneBeacon Insurance Group that specializes in professional liability solutions for targeted industries including hospitals, long-term care facilities, medical facilities, physician groups, media organizations, lawyers, real estate professionals, design professionals, financial services and technology providers.  Additionally, OneBeacon Professional Insurance provides employment practices liability insurance, management liability and tailored products for complex organizations including health care provider excess insurance and HMO reinsurance. General liability, property and workers compensation coverages are also available for financial institutions.

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; commercial surety; 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.

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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;
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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;
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• 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.

SOURCE OneBeacon Insurance Group