TEXT-Fitch affirms White Mountains Insurance Group ratings
21.05.12
March 7 - Fitch Ratings has affirmed all Issuer Default Ratings (IDRs), debt
and Insurer Financial Strength (IFS) ratings for White Mountains Insurance
Group, Ltd. (White Mountains) and its holding company subsidiaries and
property/casualty insurance subsidiaries, including OneBeacon Insurance Group,
Ltd.'s subsidiaries (OneBeacon; 75.5% ownership by White Mountains) and Sirius
International Insurance Group, Ltd.'s subsidiaries (Sirius Group; 100% ownership
by White Mountains). A full rating list is shown below.
The Rating Outlook is Stable.
Fitch has also withdrawn the IFS ratings of AutoOne Insurance Company and
AutoOne Select Insurance Company, following the sale of these insurance
operating companies to Interboro Holdings, Inc. in February 2012.
Fitch's rating rationale for the affirmation of White Mountains' ratings
reflects the company's low financial leverage, favorable financial flexibility
and opportunistic business approach. The ratings also reflect the company's
sizable levels of run-off reserves and asbestos and environmental (A&E)
exposure.
Fitch believes that White Mountains uses a modest amount of financial leverage,
with a debt-to-total-capital ratio of 12.6% at Dec. 31, 2011, down from 16.3% at
Dec. 31, 2010. This reduction was driven by $150 million in repurchases of
OneBeacon's outstanding debt and a 12% net increase in common shareholders'
equity. This equity growth was due to White Mountains' sizable net income of
$768 million in 2011, driven by a $677.5 million gain on the sale of Esurance
and Answer Financial to The Allstate Corporation in October 2011, partially
offset by continued common share repurchases.
OneBeacon posted a GAAP combined ratio of 96% for 2011, improved from 100% for
2010 due primarily to lower current accident year losses as compared to 2010.
The prior year included a number of large losses in exited businesses,
specifically, the non-specialty commercial lines business in run-off following
the sale of the renewal rights to The Hanover Insurance Group effective Jan. 1,
2010 and the traditional personal lines business which was sold in July 2010 to
Tower Group, Inc.
Sirius Group posted a 100% GAAP combined ratio for 2011, compared to 94% for
2010, with each period significantly impacted by catastrophe losses of 24 points
and 23 points, respectively. Losses in 2011 were driven by the Japanese
earthquake and tsunami, the New Zealand earthquakes, floods in Thailand, and
severe weather and tornados in the Midwestern United States.
Fitch's ratings reflect White Mountains' disciplined underwriting and operating
strategy as the company continually evaluates the best use of its financial
resources and actively manages and deploys its capital opportunistically. This
strategy includes selling those businesses that either do not fit within the
core operations of the company or still have value to other companies/buyers as
entities or renewal rights in excess of White Mountains' assessment of their
value. The most recent transactions, as discussed above, have freed up capital
that previously supported the business writings, and provide the company with
additional favorable financial flexibility.
Key rating triggers that could lead to a downgrade include significant adverse
loss reserve development, future earnings that are significantly below industry
levels, sizable deterioration in insurance subsidiary capitalization,
debt-to-total capital maintained above 30%, run rate operating earnings-based
interest and preferred dividend coverage of less than 5 times (x) and additional
A&E losses for OneBeacon significantly above the remaining $198 million
available limit under the $2.5 billion National Indemnity Company cover.
Key rating triggers that could lead to an upgrade include improvement in
operating results in line with higher rated peers, overall flat to favorable
loss reserve development, debt-to-total capital maintained below 20% and
improvement in insurance subsidiary capitalization.
Fitch affirms the following ratings with a Stable Outlook:
White Mountains Insurance Group, Ltd.
--IDR at 'BBB+'.
OneBeacon U.S. Holdings, Inc.
--IDR at 'BBB+';
--$270 million 5.875% due May 15, 2013 at 'BBB'.
Sirius International Group, Ltd.
--IDR at 'BBB+';
--$400 million 6.375% due March 20, 2017 at 'BBB';
--$250 million perpetual non-cumulative preference shares at 'BB+'.
OneBeacon Insurance Group and Their Members:
Atlantic Specialty Insurance Company
Camden Fire Insurance Association (The)
Employers' Fire Insurance Company (The)
Essentia Insurance Company
Homeland Insurance Company of New York
Northern Assurance Company of America (The)
OneBeacon America Insurance Company
OneBeacon Insurance Company
OneBeacon Midwest Insurance Company
Pennsylvania General Insurance Company
Traders & General Insurance Company
--IFS at 'A'.
Sirius International Insurance Corporation
Sirius America Insurance Company
--IFS at 'A-'.
Fitch withdraws the following ratings as they are no longer considered by Fitch
to be relevant to the agency's coverage after their recent sale by OneBeacon:
AutoOne Insurance Company
AutoOne Select Insurance Company
--IFS 'A'.
goo.gl carinsurance car insurance quotes cheap car insurance insurance quotes auto insurance car insurance comparison auto insurance quotes ...
I need to find out the amount of my auto insurance policy payment due today? ASAP?
Aug 17, 2006 by ZADOCTOR1 | Posted in Insurance & Registration
AUTOONE INSURANCE COMPANY Aug 17 2006 ASAP Due Today!
go to their website or call them in the morning - the # and policy # is on your ID card - if you call them today - you will be fine. You may even be able to call now and get an automated system that can take payments over the phone and tell you how much or maybe they are open 24/7.
http://www.autooneins.com/
1.866.252.4669 (phone)
1.866.344.1295 (fax)
email: (no time for this though):mailto:info@AutoOneIns.com
| Aug 17, 2006
$831.
Silly M | Aug 17, 2006
Call them up ...
Keep the policy number and other details ready with you.
Amey P | Aug 17, 2006
Customer Service
For questions regarding your policy
You can call our Customer Service Center:
1-800-418-3280
8:30am to 8:00pm EST, Monday – Friday
9:00am to 1:00pm EST, Saturday *
* (New York Public Auto Pool policyholders only)
The_one | Aug 17, 2006
yes ASAP
tickling-feet | Aug 17, 2006
login to autoone.com
sllyjo2 | Aug 17, 2006
There should be a website on your bill.
Go to it enter your info and amount will be on the page.
USAA has this service as should all Insurance Co.s
SteelDakier | Aug 17, 2006
i searched it out for you - i have a lot of compassion for needing a little last minute help when they are in a tight bind. normally i just answer questions from my heart - so this is what the mind came up with:
http://www.autooneins.com/
this is the home website for your insurance company. ( really i swear this in a legitimate link). you can key in your policy number and they will provide you information about every aspect of your policy: coverages, payment amount and schedule of due dates, payment online, customer service. the coolest thing is you can sign up for an email reminder.
now go take care of business and i bet you sleep better tonight.
annie | Aug 17, 2006
Call 'em and ask!
mbrcatz17 | Aug 17, 2006
AutoOne Insurance (a One Beacon Co.) is denying Claims when it was 100% the fault of their driver. Help?
Apr 19, 2009 by PinoyPolitico | Posted in Insurance & Registration
This has been a frustrating case and learned a few things in the process. I should have put this through State Farm as I have maximum coverage but believed that since the accident was 100% the other parties fault that this would not be an issue. Well, it is as while I chose not to go to the ER having worked in one, a very decent physician whom is on staff at Cedars-Sinai Medical Center ordered a full MRI, even though I suggested an x-ray, but was in so much pain that an attending (not someone whom rents space, prescribed Percocet, which I learned was a powerful pain medication). The One Beacon, Auto One Insurance company based in NY, has stated that they do not believe that the lower back MRI was necessary and sent out an investigator, will not pay for the car rental (I rented a $26.00 a day rental) and believe that they do not need to back out from my private insurance the fee. The supervisor stated that this woman has "poor people's insurance" 15/30/15 and this has been a nightmare. They want to settle for US$2500.00 and fortunately I have the means to pay for broken glasses and other fees, yet they set the terms. i have never experienced anything like this in my lifetime. No lawyer (I checked with a close family friend, whom was honest) is wanting to take a case when the insured has only 15K in total liability as the MRIs were $10,000. They just want to close this case but I know by CA law that I have up to two years, If I must, I will pay for the rental and sue the insured as she is a California person. If anyone has real advice, I would be grateful. Thank you.
I had been in an accident before and never had a problem. It is impossible for me to expect State Farm to get involved at this late date. I spoke with the auto body shop today and may charge (and this is not easy but necessary) $650.00 for the rental car on my Visa and then since the woman whom forgot her license in a boutique (thanks BH cops), has the state minimum of US$15K. I do not want pain and suffering. I am an honest fellow whom had the other insurance company take 100% responsibility. No lawyer including family advisers would touch this as there is no money in it as according to Auto One whom insured her 2002 Lexus "she has poor person's insurance." If you have any other suggestions, they would be appreciated. I am born in the USA, just using this screen name, as my job has been offshored to the Philippines.
Actually, I am using my U.S. account, as I thought so slash the last sentence.
Seek advice of an attorney
mamaflutey | Apr 19, 2009
Since you have "full" coverage, call State Farm and have them subjugate the claim. This is why insurance companies have a subjugation department filled with lawyers.
BigD | Apr 19, 2009
Why are you fighting with the other company? Let State Farm do that. I would simply file a claim with my own insurance company and let them and their many lawyers work it out with the other insurance company. Your own company often will treat you better anyway. You say you have maximum coverage with State Farm. Use it !
entidtil | Apr 19, 2009
Underwriing Problem With Car Insurance?
Aug 08, 2010 by Kevin Escourse | Posted in Insurance & Registration
I have a car Insurance with Autoone and they found out that my sister is making use of the car i called the the company and they told to write a letter stating that she is not living with me and NOT make any use of the car also she has been moved out recently.
So i need a nice good lettter . my sis name is Jennifer.
The reason is that she is not listed as an authorized operator of your vehicle, and is therefore not insured while using your vehicle. Apparently when you insured the vehicle, you indicated you were the only person in your household operating it. In order of allow her to operate your vehicle, you will have to demonstrate she is herself insured and that your insurance company will have no liability if something (a wreck) takes place.
Roadside | Aug 08, 2010
You do realize, that if you write this letter, and she cracks up your car, they won't cover it, right? They won't cover the car, they won't cover the damage it does to someone else, and they won't cover anyone's injuries. You, the owner of the car, will be fully responsible for all those bills, YOURSELF.
As to the letter: Please be advised my sister Jennifer doesn't live with me, and doesn't use my car. I understand that you will not give ANY coverage to ANY accident involving her.
mbrcatz | Aug 09, 2010
If your sister does live with you or drive your car and you write that letter stating otherwise, that is considered insurance fraud. Not only will your insurance be canceled, you can also face criminal charges - insurance fraud is a felony in most states- and you will be sorry about it, possible penalties include jail time and hefty fines. Also a lot of companies will not insure you if you are convicted of insurance fraud. Considering your insurer found out your sister is driving the car, I would not chance it. If your sister does not live with you or drive your vehicle, then just write a quick letter stating that your sister does not live with your or drive my car, no need to be fancy just make sure you print out her full name and yours. You can always just add her to your policy as a listed driver so as to avoid all of this and that way she will be covered to drive your car as well.
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