CANTON, Mass., March 4 /PRNewswire/ -- The winter of 2007/2008 has been
one of the snowiest on record in northern New England, and several buildings
throughout the region have collapsed under the weight of heavy snow and ice.
With more wintry weather forecast for Maine, New Hampshire and Vermont in the
next couple of days, OneBeacon Insurance recommends that property owners take
the following steps to prevent their commercial buildings and homes from
collapsing:
1. Have a professional contractor remove all snow immediately from every
roof surface, including roof overhangs and covered porches.
2. Remove snow from side walls to prevent high snow mounds from pushing
them in.
3. Temporarily shore up and brace dipping or sagging roofs or walls.
4. Verify that drains are clear of ice and snow to allow melting and
runoff. If the roof is pitched and without drains, open paths to the
eaves to ensure drainage and prevent ponding.
5. Avoid ice dams by keeping the attic well ventilated so snow doesn't
melt and refreeze at the roof's edge. Also make certain the attic floor
is well insulated to minimize the amount of heat rising from the house
into the attic.
Property owners also should notify their insurance agent or insurance
company at the first sign that property may have suffered damage from snow and
ice or any other winter condition.
While all buildings are susceptible to damage in severe winter weather,
the following structures face the highest risk of collapse:
-- Unheated, unoccupied buildings
-- Any building with a flat roof
-- Warehouses and agricultural buildings, which typically have lower
capacity for heavy snow loads
-- Gas station canopies
-- Roof overhangs and covered porches
-- Homes and businesses with multilevel roofs
-- Barns
-- Seasonal homes and camps
-- Buildings with large unprotected spans
OneBeacon Insurance Group's operating subsidiaries offer a range of
specialty and segmented commercial and personal insurance products sold
primarily through select independent agents. As one of the oldest property and
casualty insurers in the United States, OneBeacon traces its roots to 1831 and
the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance
products are available countrywide, and commercial and personal lines are
offered in select geographic territories.
OneBeacon's U.S. headquarters is in Canton, Massachusetts. The company is
publicly traded on the New York Stock Exchange under the symbol "OB".
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
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:
-- growth 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 its 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; and
-- future capital expenditures.
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,
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;
-- the continued availability of capital and financing;
-- general economic, market or business conditions;
-- business opportunities (or lack thereof) that may be presented to it
and pursued;
-- competitive forces, including the conduct of other property and
casualty insurers and reinsurers;
-- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to OneBeacon, its competitors or its
clients;
-- an economic downturn or other economic conditions adversely affecting
its financial position;
-- other factors, most of which are beyond OneBeacon's control; and
-- the risks that are described from time to time in OneBeacon's filings
with the Securities and Exchange Commission, including OneBeacon's Form
10K filed February 29, 2008.
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
Maggie Sheehan of OneBeacon Insurance Group, +1-781-332-7271,
msheehan@onebeacon.com
