OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best has assigned indicative ratings of “bbb” to senior
unsecured debt, “bbb-“ to subordinated debt, and “bb+” to preferred
stock of OneBeacon Insurance Group, Ltd.(OneBeacon Ltd.)
(Hamilton, Bermuda) [NYSE:OB] and OneBeacon U.S. Holdings, Inc.Concurrently,
A.M. Best has assigned an indicative rating of “bb+” to preferred stock
of OneBeacon U.S. Holdings Trust I, II, and III. These
securities, which may be issued under a recently filed $1 billion
universal shelf registration, effective June 26, 2014, replace OneBeacon
Ltd.’s previous shelf, which expired June 30, 2014. The outlook assigned
to these ratings is stable.
White Mountains Insurance Group, Ltd.(Hamilton, Bermuda)
[NYSE:WTM] owns approximately 75% of OneBeacon Ltd., as of March 31,
2014. The indicative ratings reflect the modest financial leverage of
OneBeacon Ltd., which had adjusted debt-to-tangible capital of 19.7%, as
of March 31, 2014.
OneBeacon Ltd.’s current financial strength and issuer credit ratings
reflect its strong operating earnings over the past five years, along
with its solid risk-adjusted capitalization.
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provide a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria
employed in the rating process. Best’s Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world’s oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2014 by A.M. Best Company, Inc.ALL RIGHTS
Brian O’Larte, 908-439-2200, ext. 5138
Marshall, 908-439-2200, ext. 5327
Assistant Vice President
Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Source: A.M. Best