Dear Fellow Shareholders,
OneBeacon had a very good year, as demonstrated by 31% growth in its book value per share, driven by strong underwriting results and excellent investment returns. The company’s strong financial position reflects the benefits of reduced leverage, substantially minimized catastrophe exposures, and enhanced flexibility arising from the sale of our non-specialty Commercial Lines and planned sale of our Personal Lines businesses. The company has achieved its vision of becoming a Specialty Lines carrier, a goal initiated at the time of the IPO back in 2006.
With this transformation, OneBeacon enters an exciting, new chapter at a time when markets remain soft but opportunities for disciplined underwriters are certainly available. We have assembled a highly talented team of business leaders, who pursue their objectives always mindful of the company’s core operating principles.
On behalf of the full Board of Directors, let me say how pleased we are with OneBeacon’s accomplishments. We find the company well-positioned for continued success and fully support the management team as they continue their pursuit of profitable growth. This is an exciting time for the new OneBeacon, and we look forward to working with the leadership team throughout the year to grow the value of the company.
Respectfully Submitted,
Lowndes A. Smith
Chairman of the Board