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Banking, finance, and taxes

OneBeacon, White Mountain Files Shelf Registration (OB, WTM)

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By Douglas A. McIntyre Published
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OneBeacon Insurance Group (NYSE: OB) isn’t a household name.  But today it filed for a $1 Billion mixed securities shelf registration.  With a $1.67 Billion market cap, this may get attention even for a smaller insurer.

There are being registered as an indeterminate number or amount of common shares, preferred shares (for HOLDINGS TRUST unit), debt securities, warrants, purchase contracts, depositary shares and units of OneBeacon Insurance Group, Ltd.

This also say that in addition to the filing White Mountains Insurance Group, Ltd. (NYSE: WTM) or certain of its subsidiaries may sell up to 71,754,738 shares of OneBeacon Class A common shares.

Net proceeds from the sale of the securities are earmarked for general corporate purposes, which may include, without limitation, repayment of borrowings, working capital, capital expenditures, share repurchase programs and acquisitions… But it will receive no proceeds from the sale of shares by selling shareholders.

Jon C. Ogg
July 2, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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