Canton-based OneBeacon Insurance Group has reported a net loss of $172 million for the fourth quarter, compared to net income of $45.5 million in the same period in 2007 – a $217.5 million swing.
For 2008, the company reported a net loss of $382.7 million, compared to net income of $250.6 million for 2007 – a $633.3 million difference.
"We were disappointed by the decrease in our book value caused by investment losses. During the fourth quarter, we took significant steps to preserve our capital, including reductions in our equity investments and CAT exposures," said Mike Miller, CEO of OneBeacon. "Our underwriting results were very solid as all of our businesses performed well, contributing to combined ratios of 86 percent for the fourth quarter and 95 percent for the year. Our specialty businesses drove our 5 percent premium growth for the year."
