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White Mountains Reports Results of Shareholder Vote

May 20, 2003 at 4:16 PM EDT

HAMILTON, Bermuda, May 20 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd.'s (NYSE: WTM) Annual General Meeting of Members was held on May 19, 2003.

Members, by a majority vote of at least 98% of the shares voting on each proposal, voted to: re-elect Ray Barrette, Howard Clark, Robert Cochran and Arthur Zankel as Class III Directors with terms ending in 2006; approved the issuance of Common Shares upon conversion of outstanding Convertible Preference Shares; ratified the appointment of PricewaterhouseCoopers as the Company's independent auditors for 2003; and, approved each other proposal presented to the meeting.

President and Chief Executive Officer Ray Barrette said, "We are extremely pleased and gratified with the support our Owners have shown us by their vote. We will continue to strive to achieve results worthy of their confidence and continued support."

                            ADDITIONAL INFORMATION

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the Company's web site located at

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains':

    * growth in book value per share or return on equity;
    * business strategy;
    * financial and operating targets or plans;
    * incurred losses and the adequacy of its loss and loss adjustment
      expense reserves;
    * projections of revenues, income (or loss), earnings (or loss) per share,
      dividends, market share or other financial forecasts;
    * expansion and growth of its business and operations; and
      future capital expenditures.

These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform with its expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:

    * the continued availability of capital and financing;
    * general economic, market or business conditions;
    * business opportunities (or lack thereof) that may be presented to it
      and pursued;
    * competitive forces, including the conduct of other property and casualty
      insurers and reinsurers;
    * changes in domestic or foreign laws or regulations applicable to White
    * Mountains, its competitors or its clients;
    * an economic downturn or other economic conditions adversely affecting
      its financial position;
    * loss reserves established subsequently proving to have been inadequate;
    * other factors, most of which are beyond White Mountains' control.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Dennis Beaulieu

              Tel:  603-640-2206

SOURCE  White Mountains Insurance Group, Ltd.
    -0-                             05/20/2003
    /CONTACT: Dennis Beaulieu for White Mountains Insurance Group, Ltd., +1-

CO:  White Mountains Insurance Group, Ltd.
ST:  Bermuda

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