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

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