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White Mountains' Book Value Per Share at $343
An Increase of 18% for the Year

HAMILTON, Bermuda, Feb 02, 2005 /PRNewswire-FirstCall via COMTEX/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ended 2004 with a fully converted tangible book value per share of $343, an increase of 18% for the full year and 7% for the fourth quarter. Adjusted comprehensive net income was $539 million for 2004, compared to $360 million in 2003. For the quarter, adjusted comprehensive income was $233 million compared to $92 million in the fourth quarter of 2003.

CEO Ray Barrette said, "I am pleased we were able to grow our tangible book value per share by 18% in a heavy cat year. The investment portfolio performed well. Equities did particularly well with a total return of 20% for the year. Acquisitions contributed $180 million in transaction gains, more than offsetting the impact of cats and reserve increases for prior years. Underlying results at OneBeacon, White Mountains Re, and Esurance are all excellent. Good news on the tax legislation and foreign exchange fronts also contributed to this nice result. We finished this challenging year with an even stronger balance sheet than we had at the beginning. Our earning power remains strong and we continue to accumulate a large amount of capital available for new opportunities. The board of directors is reviewing our capital management options. Rest assured that in the meantime this money is not burning a hole in our corporate pockets."

The following after-tax items impacted the quarter:
     * $85 million in realized and unrealized investment gains, compared to
       gains of $70 million in last year's fourth quarter;
     * $22 million in catastrophe losses from a combination of $11 million of
       losses from the tsunami that hit South Asia in December and $11
       million of additional losses primarily as a result of damage caused to
       oil rigs by hurricane Ivan, which hit the U.S. Southeast in the third
       quarter of 2004;
     * $40 million in unrealized foreign currency gains arising from our
       ownership of Sirius and our foreign bond portfolio, reflecting the
       strength of the Swedish Krona and British Pound versus the U.S.
       dollar;
     * $40 million in foreign tax credits, as a result of federal legislation
       that extended by 5 years the period in which we could produce foreign
       source income to realize this benefit left over from the pre-OneBeacon
       acquisition days; and
     * $20 million transaction gain on the purchase of Tryg-Baltica
       International.

Net income for the year was $419 million, compared to $281 million in the prior year. Net income for the quarter was $165 million compared to $59 million in the same quarter of 2003.

OneBeacon

OneBeacon's pre-tax income for 2004 was $391 million, compared to $405 million in 2003. The GAAP combined ratio was 99%, versus 98% in 2003. For the fourth quarter of 2004, pre-tax income was $119 million with a GAAP combined ratio of 97%. For the comparable period of 2003, pre-tax income was $105 million with a GAAP combined ratio of 93%. Net written premiums were up 25% and 14% for the full year and fourth quarter, respectively, which is mainly attributable to the Atlantic Mutual transaction.

John Cavoores, CEO of OneBeacon, said, "We are a bit disappointed in our 99% combined ratio for the year. Our solid performance in our three ongoing business lines -- specialty, personal, and commercial -- was masked by unexpected compensation costs driven by the White Mountains' stock price increase and by the third quarter reserve increase on runoff business. I expect both factors to have a much smaller impact going forward, as less of our future incentive compensation costs are tied to White Mountains' stock, and our balance sheet is as strong as ever. OneBeacon has a lot of momentum and we are well positioned to take advantage of opportunities in the marketplace despite increasing competition."

White Mountains Re

White Mountains Re reported $87 million of pre-tax income for 2004, compared to $144 million in 2003. The GAAP combined ratio for the year was 104%, versus 96% in 2003. The elevated combined ratio was due mainly to $135 million of net claims incurred related to significant catastrophes in the second half of the year. For the fourth quarter of 2004, pre-tax income was $48 million with a GAAP combined ratio of 104%. For the comparable period of 2003, pre-tax income was $33 million with a GAAP combined ratio of 97%. Net written premiums were up 41% and 11% for the full year and fourth quarter, respectively, mainly attributable to the acquisition of Sirius in the second quarter.

Steve Fass, CEO of White Mountains Re, said, "The unprecedented level of catastrophes experienced during the last half of the year significantly impacted our results, but once again our underwriting discipline and risk management approach helped to contain the losses to a manageable level. Fortunately, we were able to realize $140 million of benefits from the three transactions we closed during the year and we were able to contribute nicely to White Mountains' growth in book value. With more storms having already occurred in the first quarter and with a market that is clearly getting more competitive, I expect 2005 to be a challenging year."

Subsequent to the end of the year, White Mountains Re incurred approximately $30 million in losses, net of reinsurance and taxes, from the European storm Erwin. In January 2005, the storm hit Scandinavia particularly hard, a region where Sirius is the leading reinsurer.

Esurance

Esurance had pre-tax income of $4 million for both the full year and the fourth quarter of 2004, compared to pre-tax losses of $19 million and $3 million for the comparable periods of 2003. The GAAP combined ratio was 102% for the full year 2004, while the GAAP combined ratio for the fourth quarter was 99%, compared to 120% and 111% in the comparable periods of 2003. Net written premiums increased 71% and 68% for the full year and fourth quarter, respectively.

Gary Tolman, CEO of Esurance, said, "We are proud to report the first annual profit in Esurance's five-year history. In 2004, we achieved significant growth in premium volume, while at the same time reducing our loss ratio. Our increased spending on television and radio advertising during the second half of the year generated significant premium volume, particularly in the fourth quarter. We are continuing to experience this strong premium growth, giving us a great start in the first quarter of 2005."

Other Operations

White Mountains' other operations reported a pre-tax loss of $235 million for 2004, compared to a pre-tax loss of $159 million in 2003. For the fourth quarter, the segment reported a pre-tax loss of $55 million versus a pre-tax loss of $69 million in the comparable period of 2003. The losses reported in this segment are principally related to financing, purchase accounting and compensation expenses at the holding company level. The increased costs for the year are primarily due to an increase in incentive compensation accruals, which were driven by a 41% rise in White Mountains' stock price during 2004, and higher gains from the sale of real estate in 2003.

Investment Activities

The GAAP total return on invested assets was 7% in 2004 and 3% in the fourth quarter. The equity portfolio returned 20% for the year.

John Gillespie, chief investment officer, said, "We generated strong investment results in 2004. Equities were stellar, while our fixed income portfolios performed in line with their duration and credit characteristics."

Net investment income was $361 million for the full year 2004 and $113 million for the fourth quarter, up 24% and 58%, respectively from the comparable periods of 2003. The increase is primarily due to investment income earned on the invested assets acquired in the Sirius transaction.

Additional Information

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 http://www.whitemountains.com. The Company expects to file its Form 10-K with the Securities and Exchange Commission on or before March 4, 2005 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.

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 net income is a non-GAAP measure that excludes the change in net unrealized gains from Symetra's fixed maturity portfolio from comprehensive net income. GAAP requires these assets to be marked-to-market, which results in gains during periods when interest rates fall and losses in periods when interest rates rise. Because the liabilities related to the life insurance and structured settlement products that these assets support are not marked to market, it is likely that the economic impact on Symetra would be the opposite of that shown under GAAP (i.e., in general, Symetra's intrinsic value increases when interest rates rise and decreases when interest rates fall). The reconciliation of adjusted comprehensive net income to comprehensive net income is included on page 7.

Fully converted 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 convertible securities and to exclude any unamortized goodwill and net unrealized gains from Symetra's fixed maturity portfolio. The reconciliation of fully converted tangible book value per share to book value per share is included on page 6.

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

The information contained in 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 "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 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 with 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 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;
       and
     * 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 update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: David Foy
             (203) 453-1681



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


                                           December   September  December
                                              31,        30,        31,
                                             2004       2004       2003
        Assets

        Fixed maturity investments, at
         fair value                         $7,900.0   $7,562.1   $6,248.1
        Short-term investments, at fair
         value                               1,058.2    1,839.2    1,546.6
        Common equity securities, at fair
         value                               1,043.9      989.1      513.6
        Other investments                      527.4      438.2      239.2

          Total investments                 10,529.5   10,828.6    8,547.5

        Reinsurance recoverable on unpaid
         losses                              3,797.4    3,913.6    3,473.8
        Reinsurance recoverable on paid
         losses                                 92.0       74.0      121.7
        Funds held by ceding companies         943.8      931.8      144.1
        Insurance and reinsurance premiums
         receivable                            942.2    1,067.0      779.0
        Securities lending collateral          593.3      583.8      911.0
        Investment in unconsolidated
         insurance affiliates                  466.6      443.0      515.9
        Deferred acquisition costs             308.2      342.9      233.6
        Ceded unearned premiums                224.1      258.9      185.3
        Accounts receivable on unsettled
         investment sales                       19.9       91.1        9.1
        Other assets                         1,098.1      996.3      961.0

          Total assets                     $19,015.1  $19,531.0  $15,882.0

        Liabilities

        Loss and loss adjustment expense
         reserves                           $9,398.5   $9,533.9   $7,728.2
        Reserves for structured contracts      375.9      400.1         -
        Unearned insurance and reinsurance
         premiums                            1,739.4    1,926.0    1,409.4
        Debt                                   783.3      793.6      743.0
        Securities lending payable             593.3      583.8      911.0
        Preferred stock subject to
         mandatory redemption                  211.9      207.1      194.5
        Ceded reinsurance payable              201.4      131.5      127.7
        Funds held under reinsurance
         treaties                              155.4      160.0      211.9
        Accounts payable on unsettled
         investment purchases                   30.9      509.2      371.6
        Other liabilities                    1,641.2    1,649.9    1,205.5

          Total liabilities                 15,131.2   15,895.1   12,902.8

        Common Shareholders' Equity

        Common shares and paid-in surplus    1,725.8    1,719.2    1,407.1
        Retained earnings                    1,695.9    1,531.2    1,286.4
        Accumulated other comprehensive
         income, after tax:
         Unrealized gains on investments       359.5      329.1      286.0
         Equity in net unrealized gains
          from Symetra's fixed maturity
          portfolio                             56.6       48.1         -
         Unrealized foreign currency
          translation gains (losses) and
          other                                 46.1        8.3        (.3)

          Total common shareholders'
           equity                            3,883.9    3,635.9    2,979.2

        Total liabilities and common
         shareholders' equity              $19,015.1  $19,531.0  $15,882.0

        Common shares outstanding (000's)     10,773     10,769      9,007 sh
        Common and equivalent shares
         outstanding (000's)                  10,819     10,819     10,782 sh



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


                                       December September  December September
                                          31,       30,       31,       30,
                                         2004      2004      2003      2003
      Book value per share numerators
       (in millions):
      Common shareholders' equity      $3,883.9  $3,635.9  $2,979.2  $2,882.5
        Proceeds from assumed exercise
         of outstanding warrants              -         -     300.0     300.0
        Benefits to be received from
         share obligations under
         employee benefit plans             6.7       7.1       7.0       7.5
        Remaining adjustment of
         subsidiary preferred stock to
         face value                      (108.1)   (112.9)   (125.5)   (129.1)
      Book value per share numerator    3,782.5   3,530.1   3,160.7   3,060.9
        Less: Equity in net unrealized
         gains from Symetra's fixed
         maturity portfolio               (56.6)    (48.1)        -         -
        Less: Goodwill of consolidated
         limited partnership
         investments                      (20.0)    (20.0)    (20.3)    (17.8)
      Fully converted tangible book
       value per common and equivalent
       share numerator                 $3,705.9  $3,462.0  $3,140.4  $3,043.1

      Book value per share
       denominators (in thousands of
       shares):
      Common Shares outstanding        10,772.8  10,769.4   9,007.2   9,002.4
        Common Shares issuable upon
         exercise of outstanding
         warrants                             -         -   1,724.2   1,724.2
        Share obligations under
         employee benefits plans           46.6      50.0      50.6      55.4
      Fully converted tangible book
       value per common and equivalent
       share denominator               10,819.4  10,819.4  10,782.0  10,782.0

      Book value per share              $349.60   $326.28   $293.15   $283.90
      Fully converted tangible book
       value per common and equivalent
       share                            $342.52   $319.98   $291.27   $282.24



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


                                   Three Months Ended         Year Ended
                                      December 31,           December 31,
                                   2004         2003      2004          2003
     Revenues:
      Earned insurance and
       reinsurance premiums       $999.1      $791.3   $3,820.5      $3,137.7
      Net investment income        113.3        71.8      360.9         290.9
      Net realized gains on
       investments                  71.3        48.6      181.1         162.6
      Other revenue                 64.4        39.6      190.5         202.6

        Total revenues           1,248.1       951.3    4,553.0       3,793.8
     Expenses:
      Loss and loss adjustment
       expenses                    656.6       503.6    2,591.1       2,138.1
      Insurance and reinsurance
       acquisition expenses        199.2       154.3      743.5         615.0
      Other underwriting
       expenses                    133.7        96.4      521.3         347.1
      General and
       administrative expenses     106.9        98.3      309.3         201.8
      Accretion of fair value
       adjustment to loss and
       loss adjustment expense
       reserves                     10.2        10.1       43.3          48.6
      Interest expense on debt      13.5        11.5       49.1          48.6
      Interest expense -
       dividends on preferred
       stock subject to
       mandatory redemption          7.6         7.5       30.3          15.1
      Interest expense -
       accretion on preferred
       stock subject to
       mandatory redemption          4.7         3.8       17.3           7.2

        Total expenses           1,132.4       885.5    4,305.2       3,421.5

     Pretax income                 115.7        65.8      247.8         372.3

      Tax benefit (provision)       18.7       (22.4)     (47.0)       (127.6)

     Net income before minority
      interest, equity in
      earnings of
        unconsolidated
         affiliates and
         extraordinary item        134.4        43.4      200.8         244.7

      Accretion of subsidiary
       preferred stock to face
       value                           -           -          -          (6.4)
      Dividends on subsidiary
       preferred stock                 -           -          -         (15.1)
      Equity in earnings of
       unconsolidated insurance
       affiliates                   10.6        15.1       37.4          57.4

     Net income before
      extraordinary item           145.0        58.5      238.2         280.6

      Excess of fair value of
       acquired net assets over
       cost                         19.8           -      180.5             -

     Net income                    164.8        58.5      418.7         280.6

      Change in net unrealized
       gains on investments         38.9        31.8      130.1          75.8
      Change in net foreign
       currency gains and
       losses and other             37.8         2.1       46.4           3.2

     Comprehensive net income      241.5        92.4      595.2         359.6

      Less: Change in net
       unrealized gains from
       Symetra's fixed maturity
       portfolio                    (8.5)          -      (56.6)            -

     Adjusted comprehensive net
      income                      $233.0       $92.4     $538.6        $359.6

     Computation of net income
      available to common
      shareholders:
       Net income                 $164.8       $58.5     $418.7        $280.6
       Redemption value
        adjustment -
        convertible preference
        shares                         -           -          -         (49.5)
     Net income available to
      common shareholders         $164.8       $58.5     $418.7        $231.1

     Basic earnings per share:

       Net income before
        extraordinary item        $13.48       $6.50     $24.05        $26.48
       Net income                  15.31        6.50      42.28         26.48

     Diluted earnings per
      share:

       Net income before
        extraordinary item        $13.48       $5.75     $22.67        $23.63
       Net income                  15.31        5.75      39.92         23.63



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


     For the Year Ended December 31, 2004

                               OneBeacon   WM Re   Esurance   Other    Total
       Revenues:
         Earned insurance and
          reinsurance premiums  $2,378.5  $1,265.5  $176.5      $-   $3,820.5
         Net investment income     221.4      98.5     3.5     37.5     360.9
         Net realized gains on
          investments              129.6      29.6     1.1     20.8     181.1
         Other revenue             141.8      36.1     2.2     10.4     190.5

           Total revenues        2,871.3   1,429.7   183.3     68.7   4,553.0
       Expenses:
         Loss and loss
          adjustment expenses    1,545.2     918.9   122.4      4.6   2,591.1
         Insurance and
          reinsurance
          acquisition expenses     442.3     271.8    29.4       -      743.5
         Other underwriting
          expenses                 369.2     122.9    27.7      1.5     521.3
         General and
          administrative
          expenses                 122.2      15.1            172.0     309.3
         Accretion of fair
          value adjustment to
          loss and lae reserves       -       10.1      -      33.2      43.3
         Interest expense on
          debt                       1.0       3.8      -      44.3      49.1
         Interest expense  -
          dividends and
          accretion on
          preferred stock
           subject to mandatory
            redemption                -         -       -      47.6      47.6

           Total expenses        2,479.9   1,342.6   179.5    303.2   4,305.2

       Pretax income (loss)       $391.4     $87.1    $3.8  $(234.5)   $247.8



     For the Year Ended December 31, 2003

                                 OneBeacon  WM Re  Esurance   Other    Total
       Revenues:
         Earned insurance and
          reinsurance premiums    $2,160.3  $845.8   $99.9    $31.7  $3,137.7
         Net investment income       223.7    50.4     1.3     15.5     290.9
         Net realized gains on
          investments                127.0     7.7     0.2     27.7     162.6
         Other revenue                90.5    75.5     0.3     36.3     202.6

           Total revenues          2,601.5   979.4   101.7    111.2   3,793.8
       Expenses:
         Loss and loss adjustment
          expenses                 1,475.6   557.6    81.0     23.9   2,138.1
         Insurance and
          reinsurance acquisition
          expenses                   394.2   198.0    18.8      4.0     615.0
         Other underwriting
          expenses                   258.7    57.8    20.4     10.2     347.1
         General and
          administrative expenses     67.6    19.6      -     114.6     201.8
         Accretion of fair value
          adjustment to loss and
          lae reserves                  -       -       -      48.6      48.6
         Interest expense on debt      0.3     2.0      -      46.3      48.6
         Interest expense  -
          dividends and accretion
          on preferred stock
           subject to mandatory
            redemption                  -       -       -      22.3      22.3

           Total expenses          2,196.4   835.0   120.2    269.9   3,421.5

       Pretax income (loss)         $405.1  $144.4  $(18.5) $(158.7)   $372.3



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


     For the Three Months Ended December 31, 2004

                                    OneBeacon  WM Re  Esurance  Other   Total

        Revenues:
          Earned insurance and
           reinsurance premiums        $584.0  $362.1  $53.0     $-    $999.1
          Net investment income          59.7    38.3    1.3    14.0    113.3
          Net realized gains on
           investments                   22.6    20.6    0.5    27.6     71.3
          Other revenue                  48.8    13.1    0.9     1.6     64.4

            Total revenues              715.1   434.1   55.7    43.2  1,248.1
        Expenses:
          Loss and loss adjustment
           expenses                     365.0   263.6   33.4    (5.4)   656.6
          Insurance and reinsurance
           acquisition expenses         114.2    74.6   10.4      -     199.2
          Other underwriting expenses    85.2    39.8    8.5     0.2    133.7
          General and administrative
           expenses                      31.4     3.5   (0.3)   72.3    106.9
          Accretion of fair value
           adjustment to loss and lae
           reserves                        -      3.7     -      6.5     10.2
          Interest expense on debt        0.3     1.1     -     12.1     13.5
          Interest expense  -
           dividends and accretion on
           preferred stock
            subject to mandatory
             redemption                    -       -      -     12.3     12.3

            Total expenses              596.1   386.3   52.0    98.0  1,132.4

        Pretax income (loss)           $119.0   $47.8   $3.7  $(54.8)  $115.7



     For the Three Months Ended December 31, 2003

                                      OneBeacon  WM Re  Esurance Other  Total

        Revenues:
          Earned insurance and
           reinsurance premiums         $516.9  $234.5  $31.6    $8.3  $791.3
          Net investment income           57.2    13.4    0.2     1.0    71.8
          Net realized gains on
           investments                    14.8     2.8    0.2    30.8    48.6
          Other revenue                   25.8    18.8    0.1    (5.1)   39.6

            Total revenues               614.7   269.5   32.1    35.0   951.3
        Expenses:
          Loss and loss adjustment
           expenses                      318.4   155.7   24.1     5.4   503.6
          Insurance and reinsurance
           acquisition expenses           92.4    55.2    5.6     1.1   154.3
          Other underwriting expenses     71.9    16.7    5.5     2.3    96.4
          General and administrative
           expenses                       26.5     8.5     -     63.3    98.3
          Accretion of fair value
           adjustment to loss and lae
           reserves                         -       -      -     10.1    10.1
          Interest expense on debt         0.3     0.5     -     10.7    11.5
          Interest expense  - dividends
           and accretion on preferred
           stock
            subject to mandatory
             redemption                     -       -      -     11.3    11.3

            Total expenses               509.5   236.6   35.2   104.2   885.5

        Pretax income (loss)            $105.2   $32.9  $(3.1) $(69.2)  $65.8



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


    Year Ended December
    31, 2004                          OneBeacon                 WM Re Esurance
                        Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE              59%     62%     56%       65%       73%     69%
    Expense                   31%     32%     41%       34%       31%     33%
         Total Combined       90%     94%     97%       99%      104%    102%
    Dollars in millions
    Net written premiums   $848.5  $724.7  $807.1  $2,459.1  $1,246.3  $199.4
    Earned premiums        $812.0  $723.8  $703.3  $2,378.5  $1,265.5  $176.5


    Year Ended December
    31, 2003                          OneBeacon                 WM Re Esurance
                        Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE              54%     61%     61%       68%       66%     81%
    Expense                   32%     30%     34%       30%       30%     39%
         Total Combined       86%     91%     95%       98%       96%    120%
    Dollars in millions
    Net written premiums   $733.7  $676.8  $426.7  $1,972.5    $885.7  $116.4
    Earned premiums        $694.9  $744.7  $432.0  $2,160.3    $845.8   $99.9



    Three Months Ended December
    31, 2004                          OneBeacon                 WM Re Esurance
                          Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE              58%     68%     47%       63%       73%    63%
    Expense                   34%     31%     43%       34%       31%    36%
         Total Combined       92%     99%     90%       97%      104%    99%
    Dollars in millions
    Net written premiums   $200.9  $164.8  $131.0    $517.5    $250.6  $55.4
    Earned premiums        $205.7  $183.7  $172.7    $584.0    $362.1  $53.0


    Three Months Ended December
    31, 2003                          OneBeacon                 WM Re Esurance
                          Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE              53%     64%     55%       61%       66%    76%
    Expense                   34%     35%     40%       32%       31%    35%
         Total Combined       87%     99%     95%       93%       97%   111%
    Dollars in millions
    Net written premiums   $181.1  $161.3   $98.6    $453.0    $225.4  $33.0
    Earned premiums        $178.7  $179.7  $111.1    $516.9    $234.5  $31.6


    (1) Includes results from run off operations and reciprocals.

SOURCE White Mountains Insurance Group, Ltd.

David Foy of White Mountains Insurance Group, Ltd., +1-203-453- 1681