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OneBeacon Insurance reports Q4 net loss of $171.9 million

For the year ended December 31, 2008, the company has recorded a net loss of $382.7 million

OneBeacon Insurance has reported a net loss of $171.9 million, or $1.81 diluted per share, for the fourth quarter of 2008, as compared to a net income of $45.5 million, $0.46 diluted per share, for the fourth quarter of 2007.

Total revenues for the fourth quarter of 2008 were $168.8 million, representing a growth from total revenues of $549.8 million earned during the comparable quarter of 2007.

For the year ended December 31, 2008, the company has recorded a net loss of $382.7 million, or $3.99 diluted per share, as compared to a net income of $250.6 million, or $2.51 diluted per share, for the year ended December 31, 2007.

Total revenues for the year 2008 decreased to $1.29 billion from $2.27 billion revenues posted in the year 2007.

At December 31, 2008, total assets were $7.94 billion, a decrease from $9.52 billion as of December 31, 2007. Total liabilities at December 31, 2008, declined to $6.79 billion from $7.61 billion as of December 31, 2007.

Mike Miller, CEO of OneBeacon, said: We were disappointed by the decrease in our book value caused by investment losses. Our operating results demonstrate our underwriting discipline and ability to create value even in this soft market. We continue to focus on specialization and capital management. We are beginning to see early signs of an improving pricing environment and are well positioned in the market.