OneBeacon Insurance files $1 billion shelf

By Devika Patel

Knoxville, Tenn., July 2 - OneBeacon Insurance Group, Ltd. and its subsidiaries, OneBeacon U.S. Holdings, Inc., OneBeacon U.S. Holdings Trust I, OneBeacon U.S. Holdings Trust II and OneBeacon U.S. Holdings Trust III, jointly filed a $1 billion shelf registration in an S-3 filing with the Securities and Exchange Commission.

The registration for the parent company covers senior debt securities, subordinated debt securities, common shares, preference shares, warrants, depositary shares, purchase contracts, purchase units and units.

The registration for OneBeacon U.S. Holdings covers senior debt securities, subordinated debt securities and junior subordinated debt securities, which are guaranteed by the parent company, warrants and preferred stock.

The registration for the trusts covers preferreds, also guaranteed by the parent company.

The securities may be convertible.

Proceeds will be used for general corporate purposes.

The registration also covers 71,754,738 class A common shares of the parent company, which are being sold by a shareholder.

Based in Minnetonka, Minn., OneBeacon is a property and casualty insurance writer that provides specialty insurance products as well as segmented commercial and personal insurance products.

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