ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion contains "forward-looking statements." Statements that
are not historical in nature are forward-looking statements. OneBeacon cannot
promise that its expectations in such forward-looking statements will turn out
to be correct. OneBeacon's actual results could be materially different from and
worse than its expectations. See "Forward-Looking Statements" on page 65 for
specific important factors that could cause actual results to differ materially
from those contained in forward-looking statements.