Welcome.

Over the past year, your company has become singularly focused on Specialty Lines and we’re very excited about our prospects. We believe we have the unique talent, capabilities and drive to create meaningful differentiation as a Specialty company. We also believe specialization presents attractive growth opportunities — both organically and through new businesses. And yes, we recognize it may take some time for the markets to discover our full potential. That’s alright. We believe in building value over the long term. That’s something that’s not new at OneBeacon.

In the following pages you’ll hear from our CEO, Mike Miller, and CFO, Paul McDonough, along with Lon Smith, the Chairman of our Board of Directors. Our Annual Report on Form 10-K is also enclosed, providing a comprehensive overview of our company. Contact us directly or visit our Web sites for additional insights 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 property and casualty insurance. The company’s corporate headquarters and its registered office are located in Hamilton, Bermuda, its principle executive office in Minnetonka, Minnesota and its U.S.