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White Mountains Reports Tangible Book Value Per Share of $422

HAMILTON, Bermuda, Aug. 2 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. ended the second quarter with a fully diluted tangible book value per share of $422, an increase of 2.2% for the quarter, 4.9% for the year to date, and 21.0% for the past twelve months, including dividends.

Ray Barrette, Chairman and CEO, said "Once again, our results for the quarter were OK. Our investment team continues to deliver superior results. On the underwriting front, White Mountains Re had a good quarter with a 90% combined ratio. Esurance had a 113% combined ratio reflecting some reserve increases but grew premiums by 42% at target loss ratios. OneBeacon grew its ABVPS including dividends by 3.7% driven by a 97% combined ratio and superior investment returns. We remain focused on delivering mid-teens or higher tangible book value per share growth for the full year."

Adjusted comprehensive net income for the second quarter of 2007 was $90 million, compared to $50 million in the second quarter of last year. Adjusted comprehensive net income for the first six months of 2007 was $193 million, up from $166 million in the first six months of last year. 2006 results were negatively impacted by the adverse developments on KRW reserves at White Mountains Re.

Net income for the second quarter was $103 million, compared to $116 million. Net income for the first six months of 2007 was $195 million, down from $212 million.

OneBeacon

OneBeacon's pre-tax income for the second quarter of 2007 was $94 million, compared to $92 million, while the GAAP combined ratio was 97%, compared with 94%. For the first six months of 2007, pre-tax income was $180 million, compared to $140 million, while the GAAP combined ratio was 97%, compared with 96%.

Mike Miller, CEO of OneBeacon, said "Specialty and Commercial Lines had strong results for the quarter while Personal Lines, especially AutoOne, continued to be challenged. We continue to invest in specialized teams of people, having recently bolstered our Commercial Lines presence in the Midwest and Mountain States regions. For the balance of 2007, we will remain focused on maintaining our underwriting discipline, taking appropriate steps to manage our expenses, and continuing to look for new specialized opportunities."

Net written premiums were $485 million for the second quarter and $925 million for the first six months, a decrease of 6% and 7% from the comparable periods of 2006. Excluding the Agri business that was sold in September 2006, net written premiums decreased 2% from the comparable periods of 2006. Strong growth in OneBeacon's Specialty Lines almost offset lower Personal Lines premiums for both periods.

White Mountains Re

White Mountains Re's pre-tax income for the second quarter of 2007 was $85 million, compared to a loss of $63 million, while the GAAP combined ratio was 90%, compared to 141%. For the first six months of 2007, pre-tax income was $143 million, compared to $22 million, while the GAAP combined ratio was 95%, compared to 116%. 2006 results were negatively impacted by the adverse developments on KRW reserves.

The first six months of 2007 includes $60 million of pre-tax catastrophe losses, net of reinstatements and reinsurance, most of which relates to first quarter European windstorms Kyrill and Hanno. Results for the second quarter and the first six months of 2006 included $50 million and $86 million, respectively, in pre-tax catastrophe losses, net of reinstatements and reinsurance, from KRW, as well as $137 million of pre-tax losses related to the reimbursement of Olympus Re.

Allan Waters, CEO of White Mountains Re, said, "Our underwriting results indicate that our core business remains attractive. However, we continue to see softening across most of our lines. Our principal challenge is to maintain discipline as market conditions change. Our management initiatives and capital structuring activities progressed at pace in the quarter, and our efforts to reduce our catastrophe exposures since KRW have improved our financial strength."

Net written premiums were down 17% and 11% for the second quarter and first six months from the comparable periods of 2006. These declines reflects lower property and casualty volume, mainly as a result of changing pricing, terms and conditions which no longer meet White Mountains Re's underwriting guidelines, and increased ceding company retentions.

In May 2007, White Mountains Re issued $250 million non-cumulative perpetual preference shares with a $1,000 per share liquidation preference. Net proceeds of $246 million will be used to further capitalize White Mountains Re's reinsurance subsidiaries, including expansion of the Bermuda platform.

Esurance

Esurance's pre-tax loss for the second quarter of 2007 was $13 million, compared to pre-tax income of $2 million, while the GAAP combined ratio was 113%, compared to 106%. For the first six months of 2007, Esurance's pre-tax loss was $21 million, compared to $2 million, while the GAAP combined ratio was 112%, compared to 108%. The increases in the loss and combined ratios for both periods were primarily due to reserve increases for bodily injury claims and lower prices. The expense ratio for the quarter and for the first six months was 35%, compared to 35% and 36% in the comparable periods of 2006.

Gary Tolman, CEO of Esurance, stated, "In the second quarter, Esurance faced an increasingly challenging environment. Competition for new business increased as many of our competitors, along with Esurance, have reduced rates and continue to spend heavily on advertising. While our rate of growth remains strong, it will not be as strong as previous years. Additionally, we increased our reserves by $6 million during the quarter, primarily for bodily injury claims for prior accident years. Overall, we remain very excited about our position in the market and our performance. The current accident year loss results look good, and we have grown our policyholder base by more than 50% in the last 12 months."

Net written premiums were $186 million for the second quarter and $393 million for the first six months, an increase of 42% and 45% from the comparable periods of 2006. Net written premiums for the last 12 months were $718 million. At June 30, 2007, Esurance had 457,000 policies in force. With the addition of Alabama, Kentucky, and Louisiana in the second quarter, Esurance writes business in 28 states, comprising 85% of total written premiums for the personal automobile insurance industry in the United States.

Other Operations

White Mountains' Other Operations segment's pre-tax income for the second quarter of 2007 was $10 million, compared to $41 million. For the first six months of 2007, pre-tax income was $6 million, compared to $29 million. The decrease in pre-tax income for both periods is primarily due to the realization in the second quarter of 2006 of a $21 million gain from the redemption of a private equity investment, offset somewhat by higher investment income in 2007.

Investment Activities

The GAAP total return on invested assets for the second quarter and the first six months of 2007 was 1.6% and 3.5% compared to 1.6% and 2.8% in the comparable periods of 2006. Net investment income was $127 million in the second quarter and $245 million in the first six months, up from $104 million and $203 million.

Mark Dorcus, President of White Mountains Advisors, said "Our absolute returns in 2007 have been solid, while our performance relative to industry benchmarks has been outstanding. The bond portfolio performed particularly well versus its benchmarks in the second quarter. Our short duration, avoidance of the sub-prime mortgage mess, and superior security selection provided positive bond returns in a rising interest rate and escalating risk premium environment."

Additional Information

On July 17, 2006, in connection with the initial public offering of OneBeacon Insurance Group, Ltd. ("OBIG"), White Mountains undertook an internal reorganization and formed OBIG for the purpose of holding certain of its property and casualty insurance businesses. As a result of the reorganization, certain of White Mountains' businesses that had been historically reported as part of its Other Operations segment are now owned by OBIG, and accordingly are now included within the OneBeacon segment. In addition, certain other businesses of White Mountains that are no longer owned by OBIG are now presented as part of the Other Operations segment. Prior period segment information has been restated to conform to the current presentation.

As a result of the sale of OneBeacon shares, there is a significant minority interest in OneBeacon. Accordingly, prior periods in the Company's financial statements have been reclassified to show the Company's minority interest in certain limited partnership investments.

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. The Company expects to file its Form 10-Q with the Securities and Exchange Commission on or before August 9, 2007 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.

Regulation G

This earnings release includes three non-GAAP financial measures that have been reconciled to their most comparable GAAP financial measures. White Mountains believes these measures to be more relevant than comparable GAAP measures in evaluating White Mountains' financial performance.

Adjusted comprehensive net income is a non-GAAP financial measure that excludes the change in net unrealized gains and losses from Symetra's fixed maturity portfolio from comprehensive net income. The reconciliation of adjusted comprehensive net income to comprehensive net income is included on page 8.

Fully diluted tangible book value per share is a non-GAAP measure which is derived by expanding the GAAP book value per share calculation to include the effects of assumed conversion of all in-the-money convertible securities and to exclude any unamortized goodwill and net unrealized gains/(losses) from Symetra's fixed maturity portfolio. In addition, for periods subsequent to December 31, 2006, the number of common shares outstanding used in the calculation of fully diluted tangible book value per share are adjusted to exclude unearned shares of restricted stock representative of the proportion of unamortized compensation cost at the date of the calculation to the value of the restricted stock on the date of issuance. This adjustment was not made to fully diluted tangible book value per share for periods prior to December 31, 2006 as the impact was not significant. The reconciliation of fully diluted tangible book value per share to book value per share is included on page 7.

Adjusted book value per common share at OneBeacon is a non-GAAP financial measure which is derived by excluding the impact of economically defeasing OneBeacon's mandatorily redeemable preferred stock from book value per common share, the most closely comparable GAAP measure. Management believes that adjusted book value per common share is a useful supplement to understanding OneBeacon's earnings and profitability. A reconciliation of OneBeacon's book value per common share to OneBeacon's adjusted book value per common share follows:

    (millions, except per share amounts)             June 30,        March 31,
                                                       2007            2007
    OneBeacon book value per share numerators:
    OneBeacon common shareholders' equity           $1,861.3       $1,825.7
    Remaining accretion of subsidiary
      preferred stock to face value                    (40.8)         (49.5)
    Adjusted OneBeacon common shareholders' equity   1,820.5        1,776.2
    OneBeacon common shares outstanding                100.0          100.0
    OneBeacon book value per common share             $18.61         $18.26
    OneBeacon adjusted book value per common share    $18.21         $17.76
    Growth in adjusted book value per common
     share in the quarter (1)                           3.7%

    (1)Includes $.21 dividend per common share paid in June 2007.

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

This earnings 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 "will," "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 and related reinsurance;
    -- projections of revenues, income (or loss), earnings (or loss) per
       share, dividends, market share or other financial forecasts;
    -- expansion and growth of our 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 to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:

    -- the risks associated with Item 1A of White Mountains' 2006 Annual
       Report on Form 10-K;
    -- claims arising from catastrophic events, such as hurricanes,
       earthquakes, floods or terrorist attacks;
    -- 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, or their
       interpretation, applicable to White Mountains, its competitors or its
       clients;
    -- an economic downturn or other economic conditions adversely affecting
       its financial position;
    -- recorded loss reserves 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 earnings 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 publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.


                    WHITE MOUNTAINS INSURANCE GROUP, LTD.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                       (millions, except share amounts)
                                 (Unaudited)


                                             June 30, December 31, June 30,
                                               2007       2006       2006
       Assets

       Fixed maturity investments           $7,524.9   $7,475.3   $6,944.1
       Common equity securities              1,402.7    1,212.6    1,147.0
       Short-term investments                1,152.9    1,344.9      873.5
       Other investments                       558.5      524.8      469.6
       Convertible fixed maturity
        investments                            544.7      436.2      359.5
       Investments held in trust               312.0      338.9          -
         Total investments                  11,495.7   11,332.7    9,793.7
       Reinsurance recoverable on unpaid
        losses                               3,693.2    4,015.7    4,660.9
       Reinsurance recoverable on paid
        losses                                  57.7      159.4      116.0
       Funds held by ceding companies          366.7      452.8      554.7
       Insurance and reinsurance premiums
        receivable                           1,007.3      913.6    1,062.4
       Securities lending collateral           554.0      649.8      453.1
       Investments in unconsolidated
        affiliates                             381.0      335.5      412.0
       Deferred acquisition costs              351.6      320.3      324.9
       Ceded unearned premiums                 130.9       87.9      167.1
       Accounts receivable on unsettled
        investment sales                        24.3        8.5       23.6
       Other assets                          1,121.9    1,167.5    1,159.6

         Total assets                      $19,184.3  $19,443.7  $18,728.0

       Liabilities

       Loss and loss adjustment expense
        reserves                            $8,364.7   $8,777.2   $9,775.3
       Unearned insurance and reinsurance
        premiums                             1,735.7    1,584.9    1,730.7
       Debt                                  1,183.6    1,106.7      838.2
       Securities lending payable              554.0      649.8      453.1
       Preferred stock subject to
        mandatory redemption                   259.2      262.3      247.3
       Ceded reinsurance payable               125.4      138.4      166.9
       Funds held under reinsurance treaties   110.4      141.6      130.1
       Reserves for structured contracts        87.3      147.1      214.2
       Accounts payable on unsettled
        investment purchases                    32.0       66.8       63.7
       Other liabilities                     1,269.1    1,510.4    1,143.4

         Total liabilities                  13,721.4   14,385.2   14,762.9

        Minority interest - OneBeacon
         Insurance Group, Ltd.                 526.0      490.7          -
        Minority interest - White
         Mountains Re Group, Ltd.
         Preference Shares                     250.0          -          -
        Minority interest - consolidated
         limited partnerships                  111.6      112.5      100.8
       Total minority interest                 887.6      603.2      100.8

       Common Shareholders' Equity

       Common shares and paid-in surplus     1,731.9    1,727.5    1,726.4
       Retained earnings                     2,647.5    2,496.0    2,077.7
       Accumulated other comprehensive
        income (loss), after tax:
        Net unrealized gains on investments    182.5      198.1      122.1
        Equity in net unrealized losses
         from Symetra's fixed maturity
         portfolio                             (38.5)      (4.1)     (69.0)
        Net unrealized foreign currency
         translation gains and other            51.9       37.8        7.1

         Total common shareholders' equity   4,575.3    4,455.3    3,864.3

       Total liabilities, minority
        interest and common shareholders'
        equity                             $19,184.3  $19,443.7  $18,728.0
       Common shares outstanding (000's)      10,843     10,783     10,780
       Common and equivalent shares
        outstanding (000's)                   10,806     10,812     10,814



                    WHITE MOUNTAINS INSURANCE GROUP, LTD.
      FULLY DILUTED TANGIBLE BOOK VALUE PER COMMON AND EQUIVALENT SHARE
                                 (Unaudited)


                                     June       March    December      June
                                      30,        31,        31,         30
                                     2007       2007       2006        2006
    Book value per share
    numerators (in millions):
    Common shareholders' equity    $4,575.3   $4,542.9  $4,455.3     $3,864.3
    Benefits to be received from
     share obligations under
     employee benefit plans             2.3        4.1       4.7          5.1
    Remaining adjustment of
     preferred stock subj. to
     mandatory redemption to face
     value                            (29.3)(1)  (35.5)(1) (41.8)(1)    (72.7)
    Book value per share numerator  4,548.3    4,511.5   4,418.2      3,796.7
    Equity in net unrealized
     (gains) losses from Symetra's
     fixed maturity portfolio          38.5       (1.8)      4.1         69.0
     Goodwill                         (28.4)     (29.2)    (32.5)       (25.2)
    Fully diluted tangible book value
     per common and equivalent share
     numerator                     $4,558.4   $4,480.5  $4,389.8     $3,840.5
    Book value per share
     denominators
     (in thousands of shares):
    Common Shares outstanding      10,842.6   10,833.8  10,782.8     10,780.1
    Unearned restricted shares        (50.6)     (52.7)        -            -
    Share obligations under
     employee benefits plans           14.4       25.3      29.5         33.4
    Fully diluted tangible book
     value per common and
     equivalent share denominator  10,806.4   10,806.4  10,812.3     10,813.5
    Book value per common and
     equivalent share               $420.90    $417.47   $408.62      $351.11
    Fully diluted tangible book
     value per common and
     equivalent share               $421.83    $414.61   $406.00      $355.16

    (1) Remaining adjustment of subsidiary preferred stock to face value,
        which is representative of White Mountains' ownership interest in
        OneBeacon Insurance Group, Ltd. of 71.7% as of June 30, 2007, 71.8% as
        of March 31, 2007 and 72.4% as of December 31, 2006.





                      WHITE MOUNTAINS INSURANCE GROUP, LTD.
       CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                       (millions, except per share amounts)
                                   (Unaudited)

                                     Three Months Ended    Six Months Ended
                                          June 30,             June 30,
                                      2007       2006      2007        2006
     Revenues:
      Earned insurance and
       reinsurance premiums           $960.7     $953.5  $1,898.7    $1,854.5
      Net investment income            126.7      104.4     244.7       202.9
      Net realized investment gains     89.1      106.5     163.0       135.0
      Other revenue                     34.1       36.5      70.3        66.3
        Total revenues               1,210.6    1,200.9   2,376.7     2,258.7
     Expenses:
      Loss and loss adjustment
       expenses                        592.1      763.8   1,205.4     1,327.8
      Insurance and reinsurance
       acquisition expenses            203.6      187.7     396.2       373.3
      Other underwriting expenses      136.2      122.8     273.9       238.7
      General and administrative
       expenses                         62.4       22.3     115.3        66.9
      Accretion of fair value
       adjustment to loss and loss
       adjustment expense reserves       5.5        6.4      10.6        11.6
      Interest expense on debt          18.3       11.9      35.1        23.6
      Interest expense - dividends
       on preferred stock subject to
       mandatory redemption              7.5        7.5      15.1        15.1
      Interest expense - accretion
       on preferred stock subject to
       mandatory redemption              8.8        6.9      17.0        13.3
          Total expenses             1,034.4    1,129.3   2,068.6     2,070.3
     Pre-tax income                    176.2       71.6     308.1       188.4
      Income tax benefit (provision)   (55.8)      29.3     (87.0)        2.4
     Income before equity in earnings
      of unconsolidated affiliates
      and minority interest            120.4      100.9     221.1       190.8
      Equity in earnings of
       unconsolidated affiliates         8.6       14.8      19.1        23.8
      Minority interest                (26.4)        .1     (45.4)       (2.8)
     Net income                        102.6      115.8     194.8       211.8
      Change in net unrealized gains
       on investments                  (70.7)    (114.5)    (50.0)     (171.6)
      Change in foreign currency
       translation and other            17.9       11.9      14.1        32.9
     Comprehensive net income           49.8       13.2     158.9        73.1
      Change in net unrealized gains
       and losses from Symetra's
       fixed maturity portfolio         40.3       36.4      34.4        93.2
     Adjusted comprehensive net
      income                           $90.1      $49.6    $193.3      $166.3
     Basic earnings per share          $9.51     $10.75    $18.07      $19.67

     Diluted earnings per share        $9.49     $10.72    $18.03      $19.61

     Dividends declared and paid per
      common share                     $2.00      $2.00     $4.00       $4.00


                      WHITE MOUNTAINS INSURANCE GROUP, LTD.
                          YTD SEGMENT INCOME STATEMENTS
                                  (in millions)
                                   (Unaudited)

        For the Six Months Ended
         June 30, 2007

                                   OneBeacon  WMRe   Esurance Other  Total
          Revenues:
            Earned insurance
             and reinsurance
              premiums              $933.9   $605.1   $359.7   $-    $1,898.7
            Net investment
              income                 105.2    101.1     13.6   24.8     244.7
            Net realized
             investment gains        112.0     42.1      2.5    6.4     163.0
            Other revenue              5.5     (5.5)     6.1   64.2      70.3
                Total revenues     1,156.6    742.8    381.9   95.4   2,376.7
          Expenses:
            Loss and loss
             adjustment
             expenses                571.3    367.4    277.4  (10.7)  1,205.4
            Insurance and
             reinsurance
             acquisition expenses    156.6    144.6     95.0     -      396.2
            Other underwriting
             expenses                180.5     61.2     30.6    1.6     273.9
            General and
             administrative expenses   5.1     16.2       .2   93.8     115.3
            Accretion of fair value
              adjustment to loss and
              lae reserves             8.0      2.6        -      -      10.6
            Interest expense on debt  22.7      8.0        -    4.4      35.1
            Interest expense
             - dividends and
             accretion on preferred
             stock                    32.1        -        -       -     32.1
              Total expenses         976.3    600.0    403.2    89.1  2,068.6
              Pre-tax income(loss)  $180.3   $142.8   $(21.3)   $6.3   $308.1

        For the Six Months Ended June 30, 2006

                                   OneBeacon  WMRe   Esurance Other  Total
          Revenues:
            Earned insurance
             and reinsurance
             premiums              $965.5   $658.0     $231.0    $-  $1,854.5
            Net investment income    96.0     84.5        8.4   14.0    202.9
            Net realized investment
             gains                   66.0     41.2        3.5   24.3    135.0
            Other revenue            11.8      6.9        3.9   43.7     66.3
            Total revenues        1,139.3    790.6      246.8   82.0  2,258.7
          Expenses:
            Loss and loss adjustment
             expenses               599.3    564.2      165.1    (.8) 1,327.8
            Insurance and
             reinsurance
             acquisition expenses   160.8    151.2       61.3     -     373.3
            Other underwriting
             expenses               169.9     45.5       22.4     .9    238.7
            General and
             administrative
             expenses                 6.7      7.1         -    53.1     66.9
            Accretion of fair value
             adjustment to loss and
             lae reserves            11.5       .1         -      -      11.6
            Interest expense
             on debt                 22.8       .8         -      -      23.6
            Interest expense
             - dividends and
             accretion on preferred
             stock                   28.4       -          -      -      28.4
             Total expenses         999.4    768.9      248.8   53.2  2,070.3
             Pre-tax income (loss) $139.9    $21.7      $(2.0) $28.8   $188.4


                      WHITE MOUNTAINS INSURANCE GROUP, LTD.
                          QTD SEGMENT INCOME STATEMENTS
                                  (in millions)
                                   (Unaudited)

        For the Three Months Ended June 30, 2007

                                  OneBeacon  WMRe    Esurance Other    Total
          Revenues:
            Earned insurance
             and reinsurance
             premiums              $465.0   $306.8     $188.9    $-    $960.7
            Net investment income    54.6     53.0        7.4   11.7    126.7
            Net realized investment
             gains                   57.1     22.2        1.5    8.3     89.1
            Other revenue             2.4     (1.9)       3.1   30.5     34.1
            Total revenues          579.1    380.1      200.9   50.5  1,210.6
             Expenses:
            Loss and loss adjustment
             expenses               283.1    172.8      147.1  (10.9)   592.1
            Insurance and
             reinsurance
             acquisition expenses    78.3     75.0       50.3     -     203.6
            Other underwriting
             expenses                89.6     29.9       15.9     .8    136.2
            General and
             administrative expenses  2.7      9.6         .1   50.0     62.4
            Accretion of fair value
             adjustment to loss and
             lae reserves             4.0      1.5         -      -       5.5
            Interest expense on debt 11.3      6.8         -      .2     18.3
            Interest expense
             - dividends and
             accretion on preferred
             stock                   16.3       -          -      -      16.3

               Total expenses       485.3    295.6      213.4   40.1  1,034.4
               Pre-tax income
                (loss)              $93.8    $84.5     $(12.5) $10.4   $176.2

         For the Three Months Ended June 30, 2006

                                  OneBeacon  WMRe    Esurance Other    Total
          Revenues:
            Earned insurance and
             reinsurance premiums  $485.3   $342.4     $125.8    $-    $953.5
            Net investment
             income                  50.9     43.4        4.8    5.3    104.4
            Net realized
              investment gains       38.9     38.7        2.6   26.3    106.5
            Other revenue             6.3      2.5        1.8   25.9     36.5

              Total revenues        581.4    427.0      135.0   57.5  1,200.9
          Expenses:
            Loss and loss
             adjustment expenses    295.6    377.6       89.9     .7    763.8
            Insurance and
             reinsurance
             acquisition expenses    74.5     80.9       32.3     -     187.7
            Other underwriting
             expenses                86.0     25.1       11.3     .4    122.8
            General and
             administrative expenses  2.3      4.9         -    15.1     22.3
            Accretion of fair value
             adjustment to loss and
             lae reserves             5.7       .7          -     -       6.4
            Interest expense on debt 11.4       .4          -     .1     11.9
            Interest expense
             - dividends and
             accretion on preferred
             stock                   14.4        -          -     -      14.4

               Total expenses       489.9     489.6      133.5  16.3  1,129.3
               Pre-tax income (loss)$91.5    $(62.6)      $1.5 $41.2    $71.6



                          WHITE MOUNTAINS INSURANCE GROUP, LTD.
                           SUMMARY OF GAAP RATIOS AND PREMIUMS
                                       (Unaudited)


        Six Months Ended June 30, 2007

                                      OneBeacon                  WMRe Esurance
                          Specialty Personal Commercial Total
                                       (1)               (2)
        GAAP Ratios
        Loss and LAE            57%     64%     56%       61%     61%     77%
        Expense                 32%     37%     37%       36%     34%     35%
             Total Combined     89%    101%     93%       97%     95%    112%
        Dollars in millions
        Net written premiums $207.6  $353.2  $364.2    $925.1  $683.0  $393.4
        Earned premiums      $215.2  $370.3  $348.4    $933.9  $605.1  $359.7

        Six Months Ended June 30, 2006

                                      OneBeacon                  WMRe Esurance
                           Specialty Personal Commercial Total
                                       (1)               (2)
        GAAP Ratios
        Loss and LAE            56%     64%     59%       62%     86%     72%
        Expense                 31%     31%     38%       34%     30%     36%
             Total Combined     87%     95%     97%       96%    116%    108%
        Dollars in millions
        Net written premiums $207.6  $419.8  $362.5    $989.9  $767.2  $271.6
        Earned premiums      $210.0  $419.2  $336.3    $965.4  $658.0  $231.0

        Three Months Ended June 30, 2007

                                      OneBeacon                  WMRe Esurance
                           Specialty Personal Commercial Total
                                       (1)                (2)
        GAAP Ratios
        Loss and LAE            57%     63%     57%       61%     56%     78%
        Expense                 32%     36%     37%       36%     34%     35%
             Total Combined     89%     99%     94%       97%     90%    113%
        Dollars in millions
        Net written premiums $110.8  $180.4  $193.6    $484.8  $279.4  $185.7
        Earned premiums      $108.2  $180.5  $176.4    $465.0  $306.8  $188.9

        Three Months Ended June 30, 2006

                                      OneBeacon                  WMRe Esurance
                           Specialty Personal Commercial Total
                                       (1)                (2)
        GAAP Ratios
        Loss and LAE            58%     61%     58%       61%    110%     71%
        Expense                 31%     29%     38%       33%     31%     35%
             Total Combined     89%     90%     96%       94%    141%    106%
        Dollars in millions
        Net written premiums $105.6  $217.4  $195.7    $515.4  $338.5  $130.7
        Earned premiums      $108.0  $209.7  $171.0    $485.3  $342.4  $125.8

    Contact:
    David Foy
    (203)458-5850

SOURCE White Mountains Insurance Group, Ltd.

CONTACT: David Foy, +1-203-458-5850 for White Mountains Insurance Group,