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OneBeacon Posts Q2 Results

Second quarter Commercial Lines and Personal Lines net written premiums declined by 9.4% and 18.4%, respectively.

OneBeacon Insurance Group has reported second quarter net income of $128 million and operating income of $45 million or $0.48 per share.

For the six months ended June 30, 2009, net income was $161 million and operating income was $82 million or $0.86 per share. It has reported book value per share of $13.51, an increase of 11.5% for the second quarter and 14.7% through six months, including dividends.

The second quarter GAAP combined ratio was 93.2%, as as compared to 94.4% for the second quarter of 2008, and 93.4% through June 30, 2009, as compared to 97.2% through the first six months of 2008.

The net written premiums were $498 million for the second quarter, compared to $530 million for the second quarter of 2008. Specialty Lines premiums increased by 11.4% for the quarter, reflecting new business growth in Entertainment Brokers International Insurance Services, OneBeacon Professional Partners, the collector car and boat business written through Hagerty Insurance Agency, and OneBeacon Government Risks.

Second quarter Commercial Lines and Personal Lines net written premiums declined by 9.4% and 18.4%, respectively.

OneBeacon Insurance Group is a US-based company which provides a suite of specialty and segmented commercial and personal insurance products.