UPDATE: OneBeacon Files Shelf Registration Statement to Replace Expiring Registration Statement

OneBeacon Insurance Group, Ltd. OB announced today that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission to replace its registration statement on Form S-3 (File No. 333-152078), filed on July 2, 2008, which is expiring pursuant to the rules of the Securities Act of 1933, as amended. When declared effective by the SEC, the registration statement will permit the company and certain of its subsidiaries, from time to time, to offer and sell up to $1 billion of common shares, preferred shares, depositary shares, debt securities and other specified securities. The terms of any offering by the company under the registration statement will be established at the time of the offering and will be described in a prospectus supplement. The registration statement is intended to provide the company with additional flexibility to access capital markets for general corporate purposes, subject to market conditions and the company's capital needs. OneBeacon has no intention to offer or sell any of its OneBeacon Class A common shares at this time. In addition, the registration statement will permit the resale of up to 71,754,738 OneBeacon Class B common shares owned by certain subsidiaries of White Mountains Insurance Group, Ltd. (collectively, "White Mountains"). The Class B common shares would automatically convert into OneBeacon Class A common shares upon resale. OneBeacon would not receive any of the proceeds from the sale of any Class B common shares by White Mountains. White Mountains has informed OneBeacon that it has no intention to offer or sell any such common shares at this time.