OneBeacon Insurance Group, Ltd., will price its initial public offering of 24 million shares of its class A common stock at $25 per share.
OneBeacon, a subsidiary of Hamilton, Bermuda-based White Mountains Insurance Group, Ltd., said the shares will be listed on the New York Stock Exchange and trade under the symbol "OB" beginning Nov. 9.
OneBeacon will receive all of the expected proceeds from the offering, the company said.
Lehman Brothers Inc. is managing the sale, and Banc of America Securities, LLC, is acting as joint lead manager.
The underwriters have the option to purchase up to an additional 3.6 million shares at the IPO price, less the underwriting discount.
White Mountains said it would remain OneBeacon's majority owner.
The company said that, based on OneBeacon's Sept. 30, 2006 pro forma book value of $1.68 billion, White Mountains expects the transaction to increase White Mountains' fully converted tangible book value by $16 per share during the fourth quarter, or $19 per share if the underwriters exercise their overallotment option in full.
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