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OneBeacon Q2 Revenues Down 33%

IBR Staff Writer Published 01 August 2010

OneBeacon Insurance Group has reported total revenues of $436.6m for the second quarter of 2010, a decrease of 33.3% compared to $654.8m for the same quarter in 2009.

The operating income for the quarter were $18m, or $0.19 per share, compared to $45.4m, or $0.48 per share, for the same period last year.

The company posted premiums earned of $428.3m for the second quarter compared to $490.2m for the same quarter in 2009.

For the quarter ended June 30, 2010, the company posted net income of $8.6m, or $0.09 per share, compared to $128.2m, or $1.35 per share, for the same period last year.

Mike Miller, CEO of OneBeacon, said: “Our results for the quarter were okay. We experienced a higher than usual level of large property claims and catastrophe losses. Importantly, we completed the sale of our Personal Lines business on July 1, a significant step in our transformation to a specialty company. The market is competitive but we are excited about the prospects for our specialty businesses.”