OneBeacon Insurance Group, Ltd. · Canton, MA United States ·(NYSE: OB)
Company Description
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This link will open in a new window OneBeacon was one of the first glimmers of the insurance biz in the US. OneBeacon provides personal, commercial, and specialty property/casualty insurance, including marine, travel, media liability, medical malpractice, and even tuition coverage for when a student is forced to leave school unexpectedly. Its subsidiaries include AutoOne Insurance and International Marine Underwriters. Products are sold via independent agents; OneBeacon's regular property/casualty products are marketed in the northeastern US and its specialty products are sold nationwide. OneBeacon was founded in 1831 as Potomac Fire Insurance Company. Holding company White Mountains Insurance owns a controlling stake in OneBeacon. To read the full description, subscribe now.
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Key OneBeacon Insurance Group, Ltd. Financials
| Company Type | Public - NYSE: OB Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $1,293.6 |
| 2008 Employees | 2,500 |
OneBeacon Insurance Group, Ltd. Executives
36 executives listed for OneBeacon Insurance Group, Ltd.'s Canton, MA location.
| Title | Name & Bio | Contact |
| Chairman | Lowndes Smith | Network |
| President, CEO, and Director | T. Michael Miller | Network |
| SVP and CFO | Paul McDonough | Network |
Competition
Competitive Landscape for OneBeacon Insurance Group, Ltd.
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top OneBeacon Insurance Group, Ltd. Competitors
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