White Mountains Reports Adjusted Book Value Per Share of $406, Up 7% in the Quarter
Adjusted comprehensive income was
OneBeacon
OneBeacon's book value per share increased 8% in the third quarter and 24% in the first nine months of 2009, including dividends. The GAAP combined ratio for the third quarter of 2009 was 97% compared to 100% for the third quarter of last year, while the GAAP combined ratio for the first nine months of 2009 was 95% compared to 98% for the first nine months of last year. The third quarter of 2009 included 4 points of catastrophe losses compared to 6 points of catastrophe losses in the third quarter of 2008. The third quarter and first nine months of 2009 each included 4 points of net prior year favorable loss reserve development compared to 4 points and 2 points of net prior year favorable loss reserve development in the third quarter and first nine months of last year.
Net written premiums were
White Mountains Re
White Mountains Re's GAAP combined ratio for the third quarter of 2009 was 79% compared to 127% for the third quarter of last year, while the GAAP combined ratio for the first nine months of 2009 was 82% compared to 111% for the first nine months of last year. Excluding the impact of a cession under a retrocessional reinsurance contract described below, the combined ratio for the third quarter and first nine months of 2009 was 85% and 84%. Both 2009 periods benefited from lower catastrophe activity. The third quarter of 2009 included 10 points of catastrophe losses, net of reinsurance and reinstatements, primarily from windstorm and flood losses in
In the third quarter of 2009, White Mountains Re ceded
Esurance
Esurance's GAAP combined ratio for both the third quarter and the first nine months of 2009 was 102% compared to 102% and 107% for the third quarter and first nine months of last year. The loss and LAE ratio was 72% for both the third quarter and first nine months of 2009 compared to 73% and 77% in the third quarter and first nine months of last year. The decreases in the loss and LAE ratio were largely due to the impact of selective rate adjustments made in late 2007 and early 2008 and lower claims frequency as a result of reduced driving. In the third quarter of 2009, Esurance had a slight increase in claim frequency, reversing the trend observed in the previous four quarters. The expense ratio was 30% for both the third quarter and first nine months of 2009, generally consistent with the third quarter and first nine months of last year.
Controlled premiums, which include policies sold by Answer Financial, were
Other Operations
White Mountains' Other Operations segment's pre-tax net loss in the third quarter was
Life Re reported
During the third quarter of 2009, White Mountains repaid the
Investment Activities
The GAAP total return on invested assets for the third quarter and first nine months of 2009 was 4.3% and 8.7%, including 1.2% and 1.6% from currency gains, compared to -5.1% and -3.7%, including -0.9% and -1.6% from currency losses, for the third quarter and first nine months of last year. Net investment income was
Manning Rountree, President of
Additional Information
During the first quarter of 2009, White Mountains adopted FAS No. 160, Noncontrolling Interests-an amendment to ARB 51 ("FAS 160") (subsequently superceded by Accounting Standards Codification Topic 810-10). As a result, White Mountains has changed the presentation of its financial statements for prior periods to conform to the required presentation, as follows: noncontrolling interests (previously referred to as "minority interests") are now presented on the balance sheets within equity, separate from White Mountains' common shareholders' equity, and the portion of net income, extraordinary items and comprehensive income attributable to White Mountains' common shareholders and the noncontrolling interests are presented separately on the consolidated statements of operations and comprehensive income. The adoption of FAS 160 did not impact White Mountains' common shareholders' equity or adjusted book value per share.
White Mountains is a
Regulation G
This earnings release includes two 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 income (loss) is a non-GAAP financial measure that excludes the change in net unrealized gains (losses) from Symetra's fixed maturity portfolio from comprehensive income (loss). The reconciliation of adjusted comprehensive income (loss) to comprehensive income (loss) is included on page 8.
Adjusted book value per share is a non-GAAP measure which is derived by expanding the calculation of GAAP book value per White Mountains' common share to exclude net unrealized gains (losses) from Symetra's fixed maturity portfolio. In addition, the number of common shares outstanding used in the calculation of adjusted book value per share are adjusted to exclude unearned restricted common shares, the compensation cost of which, at the date of calculation, has yet to be amortized. The reconciliation of adjusted book value per share to book value per share is included on page 7.
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':
-- changes in adjusted 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' 2008 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;
-- actions taken by ratings agencies from time to time, such as financial
strength or credit ratings downgrades or placing ratings on negative
watch;
-- 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.
CONTACT: David Foy
(203) 458-5850
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions, except share amounts)
(Unaudited)
September 30, December 31, September 30,
2009 2008 2008
---- ---- ----
Assets
Fixed maturity investments $5,936.2 $5,480.5 $6,160.1
Short-term investments 2,336.6 2,244.5 2,256.6
Common equity securities 307.6 552.7 1,393.4
Other long-term investments 377.5 416.2 583.9
Convertible fixed maturity
investments 326.7 308.8 353.0
------- ------- --------
Total investments 9,284.6 9,002.7 10,747.0
Cash 258.1 409.6 220.8
Reinsurance recoverable on
unpaid losses 2,834.1 3,050.4 3,265.4
Reinsurance recoverable on
paid losses 41.0 47.3 50.8
Insurance and reinsurance
premiums receivable 922.7 835.7 929.0
Funds held by ceding
companies 123.8 163.3 203.0
Securities lending
collateral - 220.0 341.2
Investments in
unconsolidated affiliates 356.1 116.9 195.0
Deferred acquisition costs 329.2 323.0 350.4
Deferred tax asset 512.6 724.0 484.9
Ceded unearned premiums 128.6 111.3 134.3
Value of acquired business
in force - AFI 39.0 51.4 56.2
Accounts receivable on
unsettled investment sales 47.0 78.2 27.0
Goodwill 19.6 19.5 26.6
Other assets 779.4 742.5 732.8
----- ----- -----
Total assets $15,675.8 $15,895.8 $17,764.4
========= ========= =========
Liabilities
Loss and loss adjustment
expense reserves $6,953.6 $7,400.1 $7,936.8
Unearned insurance and
reinsurance premiums 1,655.4 1,597.4 1,743.6
Debt 1,050.5 1,362.0 1,367.1
Securities lending payable 1.7 234.8 349.6
Deferred tax liability 343.6 306.0 369.2
Ceded reinsurance payable 152.1 101.3 100.4
Funds held under
reinsurance treaties 85.3 79.1 75.1
Accounts payable on
unsettled investment
purchases 60.2 7.5 17.4
Other liabilities 1,125.7 1,295.1 1,043.6
------- ------- -------
Total liabilities 11,428.1 12,383.3 13,002.8
-------- -------- --------
White Mountains' common
shareholders' equity
White Mountains' common
shares and paid-in surplus 1,440.5 1,428.2 1,687.1
Retained earnings 2,116.2 1,751.9 2,495.4
Accumulated other comprehensive
income (loss), after tax:
Equity in unrealized
losses from investments
in unconsolidated
affiliates (.3) (1.1) (.5)
Equity in net unrealized
gains (losses) from
Symetra's fixed maturity
portfolio 5.9 (197.3) (146.7)
Net unrealized foreign
currency translation
gains (losses) and other 15.0 (82.9) 26.6
---- ----- ----
Total White Mountains'
common shareholders'
equity 3,577.3 2,898.8 4,061.9
------- ------- -------
Noncontrolling interests
Noncontrolling interest -
OneBeacon Ltd. 337.4 283.5 337.1
Noncontrolling interest -
WMRe Group Preference
Shares 250.0 250.0 250.0
Noncontrolling interest -
consolidated limited
partnerships and A.W.G
Dewar 83.0 80.2 112.6
---- ---- -----
Total noncontrolling
interests 670.4 613.7 699.7
----- ----- -----
Total equity 4,247.7 3,512.5 4,761.6
------- ------- -------
Total liabilities and
equity $15,675.8 $15,895.8 $17,764.4
========= ========= =========
Common shares outstanding
(000's) 8,858 8,809 10,442
(more)
WHITE MOUNTAINS INSURANCE GROUP, LTD.
BOOK VALUE AND ADJUSTED BOOK VALUE PER COMMON SHARE
(Unaudited)
September 30, June 30, December 31, September 30,
2009 2009 2008 2008
---- ---- ---- ----
Book value per
common share
numerators (in
millions):
White
Mountains'
common
shareholders'
equity $3,577.3 $3,204.1 $2,898.8 $4,061.9
Benefits to
be received
from share
obligations
under
employee
stock option
plans 1.1 1.1 1.1 1.3
--- --- --- ---
Book value
per common
share
numerator 3,578.4 3,205.2 2,899.9 4,063.2
Equity in net
unrealized
(gains)
losses from
Symetra's
fixed
maturity
portfolio (5.9) 120.4 197.3 146.7
---- ----- ----- -----
Adjusted book
value per
common share
numerator $3,572.5 $3,325.6 $3,097.2 $4,209.9
======== ======== ======== ========
Book value per
common share
denominators (in
thousands of
shares):
Common shares
outstanding 8,857.6 8,857.6 8,808.8 10,442.0
Share
obligations
under
employee
stock option
plans 6.0 6.0 6.0 7.8
--- --- --- ---
Book value
per common
share
denominator 8,863.6 8,863.6 8,814.8 10,449.8
Unearned
restricted
shares (68.0) (76.9) (42.6) (45.3)
----- ----- ----- -----
Adjusted book
value per
common share
denominator 8,795.6 8,786.7 8,772.2 10,404.5
======= ======= ======= ========
Book value
per common
share $403.72 $361.61 $328.97 $388.84
Adjusted book
value per
common share $406.17 $378.48 $353.07 $404.62
======= ======= ======= =======
(more)
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(millions, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- ------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues:
Earned insurance and
reinsurance premiums $902.0 $935.7 $2,711.7 $2,786.5
Net investment income 66.2 105.7 204.5 334.2
Net realized and unrealized
investment gains (losses) 170.7 (429.7) 362.3 (627.0)
Other revenue 63.8 6.3 109.6 101.4
---- --- ----- -----
Total revenues 1,202.7 618.0 3,388.1 2,595.1
------- ----- ------- -------
Expenses:
Loss and loss adjustment
expenses 544.1 697.6 1,616.2 1,969.0
Insurance and reinsurance
acquisition expenses 181.9 190.5 543.9 556.0
Other underwriting expenses 122.7 120.4 366.8 364.6
General and administrative
expenses 75.1 66.7 187.8 179.8
Accretion of fair value
adjustment to loss and loss
adjustment expense reserves 3.5 4.3 8.6 12.6
Interest expense on debt 17.1 20.4 54.3 61.5
Interest expense - dividends
on preferred stock subject to
mandatory redemption - - - 11.8
Interest expense - accretion
on preferred stock subject to
mandatory redemption - - - 21.6
--- --- --- ----
Total expenses 944.4 1,099.9 2,777.6 3,176.9
----- ------- ------- -------
Pre-tax income (loss) 258.3 (481.9) 610.5 (581.8)
Income tax (expense) benefit (73.9) 151.6 (174.8) 187.1
----- ----- ------ -----
Income (loss) before equity in
earnings of unconsolidated
affiliates, 184.4 (330.3) 435.7 (394.7)
extraordinary item
Equity in earnings of
unconsolidated affiliates 8.3 .8 17.8 7.2
Excess of fair value of
acquired assets over cost - - - 4.2
--- --- --- ---
Net income (loss) before
noncontrolling interests 192.7 (329.5) 453.5 (383.3)
Net (income) loss
attributable to
noncontrolling interests (33.1) 52.8 (83.3) 40.6
----- ---- ----- ----
Net income (loss) attributable
to White Mountains' common
shareholders 159.6 (276.7) 370.2 (342.7)
----- ------ ----- ------
Other comprehensive income, net of tax:
Change in equity in net
unrealized gains (losses)
from investments in
unconsolidated affiliates 127.6 (80.8) 207.0 (141.8)
Change in foreign currency
translation and other 80.8 (133.2) 98.8 (83.0)
---- ------ ---- -----
Comprehensive income (loss)
before noncontrolling interests 368.0 (490.7) 676.0 (567.5)
Comprehensive (income) loss
attributable to
noncontrolling interests .9 - (.9) -
-- --- --- ---
Comprehensive income (loss)
attributable to White
Mountains' common shareholders 368.9 (490.7) 675.1 (567.5)
----- ------ ----- ------
Change in net unrealized
(gains) losses from Symetra's
fixed maturity portfolio (126.3) 81.4 (206.2) 141.1
------ ---- ------ -----
Adjusted comprehensive income
(loss) $242.6 $(409.3) $468.9 $(426.4)
====== ======= ====== =======
Basic earnings (loss) per
common share $18.02 $(26.19) $41.85 $(32.53)
Diluted earnings (loss) per
common share $18.02 $(26.19) $41.84 $(32.53)
Dividends declared and paid per
common share $- $- $1.00 $4.00
(more)
WHITE MOUNTAINS INSURANCE GROUP, LTD.
YTD SEGMENT INCOME STATEMENTS
(in millions)
(Unaudited)
For the Nine Months Ended
September 30, 2009
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance
and reinsurance
premiums $1,470.8 $651.5 $589.4 $- $2,711.7
Net investment
income 92.4 82.8 18.5 10.8 204.5
Net realized and
unrealized
investment
gains 239.1 72.7 34.7 15.8 362.3
Other revenue -
foreign
currency
translation
gain - 54.6 - - 54.6
Other revenue 16.2 30.2 40.0 (31.4) 55.0
------- ----- ----- ---- -------
Total
revenues 1,818.5 891.8 682.6 (4.8) 3,388.1
------- ----- ----- ---- -------
Expenses:
Loss and loss
adjustment
expenses 861.9 327.9 426.4 - 1,616.2
Insurance and
reinsurance
acquisition
expenses 294.3 131.5 118.1 - 543.9
Other
underwriting
expenses 236.4 74.2 56.2 - 366.8
General and
administrative
expenses 18.9 52.0 26.2 76.9 174.0
Amortization of
Answer Financial
purchase
accounting
adjustments - - 13.8 - 13.8
Accretion of
fair value
adjustment to
loss and lae
reserves 4.1 4.5 - - 8.6
Interest expense
on debt 30.1 19.7 - 4.5 54.3
------- ----- ----- ---- -------
Total
expenses 1,445.7 609.8 640.7 81.4 2,777.6
------- ----- ----- ---- -------
------ ------ ----- ------ ------
Pre-tax income
(loss) $372.8 $282.0 $41.9 $(86.2) $610.5
====== ====== ===== ====== ======
For the Nine Months Ended
September 30, 2008
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance
and reinsurance
premiums $1,390.3 $769.0 $627.2 $- $2,786.5
Net investment
income 137.8 141.9 25.1 29.4 334.2
Net realized and
unrealized
investment
losses (413.9) (153.4) (28.0) (31.7) (627.0)
Other revenue -
foreign
currency
translation
loss - (29.8) - - (29.8)
Other revenue 10.6 16.0 28.3 76.3 131.2
------- ----- ----- ---- -------
Total
revenues 1,124.8 743.7 652.6 74.0 2,595.1
------- ----- ----- ---- -------
Expenses:
Loss and loss
adjustment
expenses 878.7 611.4 479.5 (.6) 1,969.0
Insurance and
reinsurance
acquisition
expenses 261.6 163.7 130.7 - 556.0
Other
underwriting
expenses 223.6 80.6 58.5 1.9 364.6
General and
administrative
expenses 14.5 25.8 22.4 106.5 169.2
Amortization of
Answer Financial
purchase
accounting
adjustments - - 10.6 - 10.6
Accretion of
fair value
adjustment to
loss and lae
reserves 9.0 3.6 - - 12.6
Interest expense
on debt 33.9 20.8 .5 6.3 61.5
Interest expense
- dividends
on preferred
stock 11.8 - - - 11.8
Interest expense
- accretion
on preferred
stock 21.6 - - - 21.6
------- ----- ----- ----- -------
Total
expenses 1,454.7 905.9 702.2 114.1 3,176.9
------- ----- ----- ----- -------
------- ------- ------ ------ -------
Pre-tax loss $(329.9) $(162.2) $(49.6) $(40.1) $(581.8)
======= ======= ====== ====== =======
(more)
WHITE MOUNTAINS INSURANCE GROUP, LTD.
QTD SEGMENT INCOME STATEMENTS
(in millions)
(Unaudited)
For the Three Months Ended
September 30, 2009
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance
and reinsurance
premiums $492.8 $213.4 $195.8 $- $902.0
Net investment
income 34.4 22.0 6.2 3.6 66.2
Net realized and
unrealized
investment
gains 117.6 27.0 12.9 13.2 170.7
Other revenue -
foreign
currency
translation
gain - 23.2 - - 23.2
Other revenue 5.7 10.0 13.4 11.5 40.6
----- ----- ----- ---- -------
Total
revenues 650.5 295.6 228.3 28.3 1,202.7
----- ----- ----- ---- -------
Expenses:
Loss and loss
adjustment
expenses 298.2 104.3 141.6 - 544.1
Insurance and
reinsurance
acquisition
expenses 101.4 40.9 39.6 - 181.9
Other
underwriting
expenses 79.4 23.9 19.4 - 122.7
General and
administrative
expenses 6.9 18.6 8.6 36.8 70.9
Amortization of
Answer Financial
purchase
accounting
adjustments - - 4.2 - 4.2
Accretion of
fair value
adjustment to
loss and lae
reserves 1.4 2.1 - - 3.5
Interest expense
on debt 9.1 6.6 - 1.4 17.1
----- ----- ----- ---- -----
Total
expenses 496.4 196.4 213.4 38.2 944.4
----- ----- ----- ---- -----
------ ----- ----- ----- ------
Pre-tax income
(loss) $154.1 $99.2 $14.9 $(9.9) $258.3
====== ===== ===== ===== ======
For the Three Months Ended
September 30, 2008
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance
and reinsurance
premiums $471.2 $255.3 $209.2 $- $935.7
Net investment
income 43.1 44.0 8.7 9.9 105.7
Net realized and
unrealized
investment
losses (355.9) (42.2) (15.7) (15.9) (429.7)
Other revenue -
foreign
currency
translation
loss - (43.9) - - (43.9)
Other revenue 4.4 15.3 12.5 18.0 50.2
----- ----- ----- ---- -----
Total
revenues 162.8 228.5 214.7 12.0 618.0
----- ----- ----- ---- -----
Expenses:
Loss and loss
adjustment
expenses 303.4 241.7 152.4 .1 697.6
Insurance and
reinsurance
acquisition
expenses 92.6 56.9 41.0 - 190.5
Other
underwriting
expenses 74.3 24.6 20.9 .6 120.4
General and
administrative
expenses 7.1 16.8 11.7 25.2 60.8
Amortization of
Answer Financial
purchase
accounting
adjustment - - 5.9 - 5.9
Accretion of
fair value
adjustment to
loss and lae
reserves 3.0 1.3 - - 4.3
Interest expense
on debt 11.0 6.9 .1 2.4 20.4
Interest expense
- dividends
on preferred
stock - - - - -
Interest expense
- accretion
on preferred
stock - - - - -
----- ----- ----- ---- -------
Total
expenses 491.4 348.2 232.0 28.3 1,099.9
----- ----- ----- ---- -------
------- ------- ------ ------ -------
Pre-tax loss $(328.6) $(119.7) $(17.3) $(16.3) $(481.9)
======= ======= ====== ====== =======
(more)
WHITE MOUNTAINS INSURANCE GROUP, LTD.
SUMMARY OF GAAP RATIOS AND PREMIUMS
(Unaudited)
OneBeacon
---------
Three Months Ended September 30, 2009
-------------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 51% 63% 69% 60%
Expense 39% 37% 32% 37%
-- -- -- --
Total GAAP Combined 90% 100% 101% 97%
===================== == === === ==
Dollars in millions
------------------- ------ ------ ------ ------
Net written premiums $212.5 $163.2 $128.3 $503.9
Earned premiums $180.8 $171.4 $140.5 $492.8
--------------- ------ ------ ------ ------
OneBeacon Three Months Ended September 30, 2008
-------------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 63% 64% 65% 64%
Expense 37% 37% 32% 36%
-- -- -- --
Total Combined 100% 101% 97% 100%
=================== === === == ===
Dollars in millions
------------------- ------ ------ ------ ------
Net written premiums $190.7 $180.0 $163.4 $534.1
Earned premiums $129.5 $181.7 $160.0 $471.2
--------------- ------ ------ ------ ------
OneBeacon
---------
Nine Months Ended September 30, 2009
------------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 44% 58% 75% 59%
Expense 39% 38% 31% 36%
-- -- -- --
Total GAAP Combined 83% 96% 106% 95%
===================== == == === ==
Dollars in millions
------------------- ------ ------ ------ --------
Net written premiums $567.9 $505.3 $397.9 $1,471.2
Earned premiums $515.0 $518.7 $436.8 $1,470.8
--------------- ------ ------ ------ --------
OneBeacon Nine Months Ended September 30, 2008
------------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 56% 63% 65% 63%
Expense 36% 37% 32% 35%
-- -- -- --
Total Combined 92% 100% 97% 98%
=================== == === == ==
Dollars in millions
------------------- ------ ------ ------ --------
Net written premiums $460.2 $551.9 $477.0 $1,489.4
Earned premiums $359.3 $545.4 $485.3 $1,390.3
--------------- ------ ------ ------ --------
------- -------
White
Mountains Re Esurance
------------- --------
Three Months Three Months
Ended Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
GAAP Ratios
Loss and LAE 49% 95% 72% 73%
Expense 30% 32% 30% 29%
-- -- -- --
Total Combined 79% 127% 102% 102%
=================== == === === ===
Dollars in millions
------------------- ------ ------ ------ ------
Gross written premiums $211.3 $224.0 $205.5 $213.4
Net written premiums $171.3 $208.4 $204.8 $212.6
Earned premiums $213.4 $255.3 $195.8 $209.2
--------------- ------ ------ ------ ------
------- -------
White
Mountains Re Esurance
------------- --------
Nine Months Nine Months
Ended Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
GAAP Ratios
Loss and LAE 50% 79% 72% 77%
Expense 32% 32% 30% 30%
-- -- -- --
Total Combined 82% 111% 102% 107%
=================== == === === ===
Dollars in millions
------------------- ------ ------ ------ ------
Gross written premiums $835.6 $912.3 $600.3 $643.1
Net written premiums $672.3 $783.4 $598.5 $640.6
Earned premiums $651.5 $769.0 $589.4 $627.2
--------------- ------ ------ ------ ------
(1) Includes results from runoff operations.
(end)
SOURCE
David Foy of White Mountains Insurance Group, Ltd., +1-203-458-5850