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White Mountains Reports Tangible Book Value Per Share of $443

HAMILTON, Bermuda, May 2 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ended the first quarter with a fully diluted tangible book value per share of $443, which was essentially flat for the quarter and an increase of 9% for the past twelve months, including dividends.

Ray Barrette, Chairman and CEO, said "We had a tough quarter resulting in a flat book value per share. OneBeacon's combined ratio was 100% driven by a number of large Commercial claims on top of a seasonally difficult quarter. White Mountains Re's combined ratio was a decent 94%, but continued adverse reserve developments at Folksamerica hurt an otherwise strong, low cat quarter. Esurance had a combined ratio of 113% due to weather losses and increased severity for injury claims. On the investment front, the total return on the portfolio was 0.5%. Bonds were up 1.6%, aided by favorable currency movements, but behind conventional benchmarks, while equities were down 4 points, but well ahead of the S&P 500. On the positive side, OneBeacon Specialty had another great quarter, Esurance grew premiums 11% and passed the 500,000 policyholders mark, we now own 69% of Answer Financial and we are on track with the exchange transaction with Berkshire Hathaway."

Adjusted comprehensive net income for the first quarter was break-even, compared to $103 million in last year's first quarter, while net loss was $57 million, compared to net income of $92 million.

Effective January 1, 2008, the Company adopted FAS 159 and elected to record the changes in unrealized gains and losses from nearly all of its investment portfolio in net income. In prior periods, these changes have been included in other comprehensive income rather than in net income. Accordingly, net income (loss) and pre-tax income (loss) for 2008 periods are not directly comparable to such measures for 2007 periods.

OneBeacon

OneBeacon's adjusted book value per share decreased by 1.1% in the quarter, including dividends. OneBeacon's pre-tax loss for the quarter was $39 million compared to pre-tax income of $87 million, while the GAAP combined ratio was 100% compared to 98%. Pre-tax loss in the first quarter of 2008 included $59 million in net unrealized investment losses and $4 million in net realized investment gains compared to $55 million in net realized investment gains in pre-tax income in the prior year period.

Mike Miller, CEO of OneBeacon, said, "We had a challenging quarter. Both underwriting (100% combined ratio) and investment results (0% total return) were off, which led to a 1% decrease in adjusted book value per share, including dividends. On the underwriting side, Specialty Lines had an excellent quarter at an 87% combined ratio and strong growth and Personal Lines generated a solid 96% combined ratio. Commercial Lines had a tough quarter at a 110% combined ratio driven by unusually heavy catastrophe losses and a few large claims. Our business is in good shape and we expect to deliver better results in the coming quarters."

Net written premiums were $426 million for the first quarter, a decrease of 3% from the comparable period of 2007. Specialty Lines premiums increased by 15% and Commercial Lines and Personal Lines premiums decreased by 1% and 16%, respectively. At the end of the quarter, OneBeacon launched its collector car and boat products through its partnership with Hagerty Insurance.

During the quarter, OneBeacon paid approximately $215 million of dividends and completed share repurchases of approximately $53 million.

White Mountains Re

White Mountains Re's pre-tax loss was $12 million for the quarter compared to pre-tax income of $58 million, while the GAAP combined ratio was 94% compared to 99%. Pre-tax loss in the first quarter of 2008 included $40 million in net unrealized investment losses and $12 million in net realized investment losses compared to $20 million in net realized investment gains in pre-tax income in the prior year period. The decrease in the combined ratio was primarily due to a decrease in catastrophe losses. The 2008 first quarter included $9 million of catastrophe losses, net of reinstatement premiums, from European windstorm Emma, compared to $45 million from Kyrill and Hanno in the first quarter of 2007. This improvement was partially offset by an increase in prior year loss reserves of $33 million in the first quarter of 2008, compared to net loss reserve releases of $7 million in the first quarter of 2007. The 2008 reserve addition includes $41 million for late reported construction defect claims at Folksamerica for underwriting years 2002 and prior.

Allan Waters, CEO of White Mountains Re, said, "Overall, White Mountains Re reported a reasonably good 94% combined ratio. We benefited from reduced catastrophe activity, but once again added to Folksamerica's loss reserves. Dwight Evans assumed the helm at Folksamerica during the quarter and is quickly assessing all opportunities to improve the operations."

Gross written premiums were down 10% for the quarter, while net written premiums were down 11%. These decreases occurred in almost every line of business, especially in casualty where pricing, terms and conditions for certain accounts did not meet White Mountains Re's underwriting guidelines.

Esurance

Esurance's pre-tax loss was $24 million for the quarter compared to $9 million, while the GAAP combined ratio was 113% compared to 111%. The loss ratio increased to 81% in the first quarter compared to 76% in the same period last year, due to higher injury claims costs. Esurance's higher loss ratio was partially offset by a 3-point improvement in the expense ratio as compared to the first quarter of 2007. Pre-tax loss in the first quarter of 2008 included $6 million in net unrealized investment losses and $2 million in net realized investment losses compared to $1 million in net realized investment gains in pre-tax loss in the prior year period.

Gary Tolman, CEO of Esurance, said, "Our underwriting results continue to be disappointing. The loss ratio was a few points higher than expected. Over the past six months, we have implemented rate increases in 18 states averaging 9% and we expect our loss ratio to decline over the rest of the year. We continued to increase our policyholder base and grow our premium volume. We realized a 3-point reduction in our expense ratio as we lowered acquisition costs and continued to scale the business."

Gross written premiums were $231 million for the first quarter, an increase of 11% from the first quarter of last year. During the first quarter, Esurance added approximately 20,000 policies-in-force, ending the quarter with more than 500,000 policyholders.

Other Operations

White Mountains' Other Operations segment's pre-tax loss was $30 million for the first quarter, compared to $4 million. The increase in pre-tax loss for the segment is primarily due to $21 million of losses in the Life Re business, which were primarily mark-to-market losses from the effect of the volatile investment market conditions on the valuation of Life Re's derivative assets and liabilities during the quarter.

In conjunction with its previously announced exchange transaction with Berkshire Hathaway, in March the Company drew the $475 million available on its revolving credit facility to provide the necessary funds at the holding company level required for the transaction. The Company plans to repay the facility over time as it harvests funds from its operations. In April, the Company repaid $175 million of the borrowings on the facility leaving $300 million currently outstanding.

Investment Activities

The GAAP total return on invested assets for the first quarter was 0.5% compared to 1.9% in the first quarter of last year. Net investment income was $117 million in the quarter, which was flat when compared to last year's first quarter.

Mark Dorcus, President of White Mountains Advisors, said, "First quarter investment results were slightly positive as bonds were up 1.6%, aided by favorable currency movements in Sirius, which was mostly offset by a 4% decline in our equity positions. Treasuries extended their winning streak into the first quarter as investors continued to shun risk. As a result, spreads for corporate bonds and structured securities widened much further. Our limited exposure to Treasuries and the wider spreads restrained our bond returns. Prospector's security selection helped us weather the tough equity markets with only minimal damage."

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 www.whitemountains.com. The Company expects to file its Form 10-Q with the Securities and Exchange Commission on or before May 12, 2008 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:


                                              March 31, December 31, March 31,
    (millions, except per share amounts)         2008      2007         2007
    OneBeacon book value per share
     numerators:
    OneBeacon common shareholders' equity      $1,613.0   1,906.5     1,825.7
      Remaining accretion of subsidiary
       preferred stock to face value              (11.1)    (21.6)      (49.5)
    Adjusted OneBeacon common shareholders'
     equity                                     1,601.9   1,884.9     1,776.2
    OneBeacon common shares outstanding            96.0      98.5       100.0
    OneBeacon book value per common share        $16.80     19.36       18.26
    OneBeacon adjusted book value per common
     share                                       $16.69     19.14       17.76
    Growth in adjusted book value per common
     share for the quarter(1)                     -1.1%

    (1) Includes $.21 dividend per common share paid quarterly beginning in
        March 2007 and a special dividend of $2.03 per common share paid in
        March 2008.

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' 2007 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.

    CONTACT: David Foy
             (203) 458-5850



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

                                           March 31, December 31, March 31,
                                              2008       2007       2007
       Assets

       Fixed maturity investments           $6,842.6   $7,371.5   $7,179.9
       Common equity securities              1,520.7    1,550.7    1,245.2
       Short-term investments                2,372.2    1,327.3    1,473.6
       Other investments                       642.5      603.3      532.2
       Convertible fixed maturity
        investments                            463.0      490.6      485.8
       Investments held in trust               309.2      305.6      335.4

         Total investments                  12,150.2   11,649.0   11,252.1

       Reinsurance recoverable on unpaid
        losses                               3,375.3    3,467.9    3,873.7
       Reinsurance recoverable on paid
        losses                                  88.2       59.5      131.9
       Funds held by ceding companies          231.7      231.1      438.2
       Insurance and reinsurance premiums
        receivable                             976.2      877.0    1,007.4
       Securities lending collateral           481.1      661.6      563.8
       Investments in unconsolidated
        affiliates                             362.3      406.3      356.3
       Deferred acquisition costs              325.9      326.0      338.6
       Ceded unearned premiums                 171.9      123.1      133.6
       Accounts receivable on unsettled
        investment sales                        35.3      201.1       40.2
       Other assets                          1,166.7    1,103.0    1,142.4

           Total assets                    $19,364.8  $19,105.6  $19,278.2

       Liabilities

       Loss and loss adjustment expense
        reserves                            $8,038.0   $8,062.1   $8,636.0
       Unearned insurance and reinsurance
        premiums                             1,753.8    1,605.2    1,746.6
       Debt                                  1,666.0    1,192.9    1,183.6
       Securities lending payable              481.1      661.6      563.8
       Deferred tax liability                  390.2      353.2      311.1
       Preferred stock subject to
        mandatory redemption                   288.9      278.4      270.5
       Ceded reinsurance payable               124.6      124.8      141.0
       Funds held under reinsurance
        treaties                                98.7      103.0      126.4
       Accounts payable on unsettled
        investment purchases                   106.3       46.4       19.7
       Other liabilities                       983.5    1,097.2    1,107.8

           Total liabilities                13,931.1   13,524.8   14,106.5

        Minority interest - OneBeacon
         Insurance Group, Ltd.                 407.4      517.2      515.8
        Minority interest - White
         Mountains Re Group, Ltd.
         Preference Shares                     250.0      250.0         -
        Minority interest - consolidated
         limited partnerships                   97.1      100.2      113.0

       Total minority interest                 754.5      867.4      628.8

       Common Shareholders' Equity
       Common shares and paid-in surplus     1,701.2    1,691.2    1,727.4
       Retained earnings                     2,837.6    2,718.5    2,566.7
       Accumulated other comprehensive
        income (loss), after tax:
         Net unrealized gains on
          investments                             -       208.9      207.9
         Equity in unrealized gains from
          investments in unconsolidated
          affiliates                              .3        3.7        5.0
         Equity in net unrealized (losses)
          gains from Symetra's fixed
          maturity portfolio                   (26.3)      (5.6)       1.8
         Net unrealized foreign currency
          translation gains and other          166.4       96.7       34.1
           Total common shareholders'
            equity                           4,679.2    4,713.4    4,542.9

       Total liabilities, minority
        interest and common shareholders'
        equity                             $19,364.8  $19,105.6  $19,278.2

       Common shares outstanding (000's)      10,570     10,554     10,834
       Common and equivalent shares
        outstanding (000's)                   10,529     10,517     10,806



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


                                       March 31,   December 31,  March 31,
                                          2008          2007        2007
    Book value per share numerators
     (in millions):

    Common shareholders' equity         $4,679.2     $4,713.4     $4,542.9
      Benefits to be received from
       share obligations under
       employee benefit plans                1.5          1.7          4.1
      Remaining adjustment of
       preferred stock subj. to
       mandatory redemption to
       face value                           (8.3)(1)    (15.8)(1)    (35.5)(1)

    Book value per share numerator       4,672.4      4,699.3      4,511.5
      Equity in net unrealized losses
       from Symetra's fixed maturity
       portfolio                            26.3          5.6         (1.8)
      Goodwill                             (34.0)       (30.4)       (29.2)
    Fully diluted tangible book value
     per common and equivalent share
     numerator                          $4,664.7     $4,674.5     $4,480.5

    Book value per share denominators
     (in thousands of shares):

    Common Shares outstanding           10,570.2     10,553.6     10,833.8
      Share obligations under
       employee benefits plans               8.7          9.9         25.3
    Book value per share denominator    10,578.9     10,563.5     10,859.1
      Unearned restricted shares           (50.4)       (46.5)       (52.7)
    Fully diluted tangible book
     value per common and equivalent
     share denominator                  10,528.5     10,517.0      10,806.4

    Book value per common and
     equivalent share                    $441.67      $444.86       $415.45
    Fully diluted tangible book
     value per common and equivalent
     share                               $443.05      $444.47       $414.61

    (1) Remaining adjustment of subsidiary preferred stock to face value,
        which is representative of White Mountains' ownership interest in
        OneBeacon Insurance Group, Ltd. of 74.7% as of March 31, 2008, 72.9%
        as of December 31, 2007, and 71.8% as of March 31, 2007.



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

                                                     Three Months Ended
                                                          March 31,
                                                   2008               2007
    Revenues:
      Earned insurance and reinsurance premiums    $929.1             $938.0
      Net investment income                         116.8              118.0
      Net realized investment (losses) gains        (13.0)              73.9
      Net unrealized investment losses             (105.0)                -
      Other revenue                                  10.0               36.2
        Total revenues                              937.9            1,166.1

    Expenses:
      Loss and loss adjustment expenses             638.7              613.3
      Insurance and reinsurance acquisition
       expenses                                     186.7              192.6
      Other underwriting expenses                   116.8              137.7
      General and administrative expenses            58.2               52.9
      Accretion of fair value adjustment to loss
       and loss adjustment expense reserves           4.2                5.1
      Interest expense on debt                       19.4               16.8
      Interest expense - dividends on preferred
       stock subject to mandatory redemption          7.1                7.6
      Interest expense - accretion on preferred
       stock subject to mandatory redemption         10.5                8.2
        Total expenses                            1,041.6            1,034.2

    Pre-tax (loss) income                          (103.7)             131.9
      Income tax benefit (provision)                 32.9              (31.2)

    (Loss) income before equity in earnings of
     unconsolidated affiliates, extraordinary
     item, and minority interest                    (70.8)             100.7
      Equity in earnings of unconsolidated
       affiliates                                      .4               10.5
      Excess of fair value of acquired assets
       over cost                                      4.2                 -
      Minority interest                               9.4              (19.0)

    Net (loss) income                               (56.8)              92.2
      Change in net unrealized gains on
       investments                                     -                14.2
      Change in equity in net unrealized gains
       (losses) from investments in
       unconsolidated affiliates                    (20.5)               6.5
      Change in foreign currency translation
       and other                                     56.8               (3.8)

     Comprehensive net (loss) income                (20.5)             109.1
      Change in net unrealized losses and (gains)
       from Symetra's fixed  maturity portfolio      20.7               (5.9)

     Adjusted comprehensive net income                $.2             $103.2

     Basic (loss) earnings per share               $(5.40)             $8.56


     Diluted (loss) earnings per share             $(5.40)             $8.54

     Dividends declared and paid per common share   $2.00              $2.00



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

     For the Three Months Ended March 31, 2008

                                 OneBeacon  WMRe  Esurance  Other   Total
       Revenues:
         Earned insurance and
          reinsurance premiums     $455.3  $266.8  $207.0     $-    $929.1
         Net investment income       50.1    50.5     7.9     8.3    116.8
         Net realized investment
          gains (losses)              3.7   (12.2)   (1.5)   (3.0)   (13.0)
         Net unrealized
          investment losses         (59.1)  (40.3)   (5.6)     -    (105.0)
         Other revenue                3.6   (12.9)    3.1    16.2     10.0

           Total revenues           453.6   251.9   210.9    21.5    937.9
       Expenses:
         Loss and loss adjustment
          expenses                  300.9   168.2   168.4     1.2    638.7
         Insurance and reinsurance
          acquisition expenses       84.7    55.6    46.4      -     186.7
         Other underwriting
          expenses                   70.1    27.0    19.0      .7    116.8
         General and
          administrative expenses     4.4     5.1      .6    48.1     58.2
         Accretion of fair value
          adjustment to loss and
          lae reserves                3.0     1.2      -       -       4.2
         Interest expense on debt    11.5     6.9      -      1.0     19.4
         Interest expense -
          dividends and accretion
          on preferred stock         17.6      -       -       -      17.6

           Total expenses           492.2   264.0   234.4    51.0  1,041.6

       Pre-tax loss                $(38.6) $(12.1) $(23.5) $(29.5) $(103.7)

     For the Three Months Ended
      March 31, 2007


                                 OneBeacon  WMRe  Esurance  Other   Total
       Revenues:
         Earned insurance and
          reinsurance premiums     $468.9  $298.3  $170.8     $-    $938.0
         Net investment income       50.6    48.1     6.2    13.1    118.0
         Net realized investment
          gains (losses)             54.9    19.9     1.0    (1.9)    73.9
         Other revenue                3.1    (3.6)    3.0    33.7     36.2

           Total revenues           577.5   362.7   181.0    44.9  1,166.1
       Expenses:
         Loss and loss adjustment
          expenses                  288.2   194.6   130.3      .2    613.3
         Insurance and reinsurance
          acquisition expenses       78.3    69.6    44.7      -     192.6
         Other underwriting
          expenses                   90.9    31.3    14.7      .8    137.7
         General and
          administrative expenses     2.4     6.6      .1    43.8     52.9
         Accretion of fair value
          adjustment to loss and
          lae reserves                4.0     1.1      -       -       5.1
         Interest expense on debt    11.4     1.2      -      4.2     16.8
         Interest expense  -
          dividends and accretion
          on preferred stock         15.8      -       -       -      15.8

           Total expenses           491.0   304.4   189.8    49.0  1,034.2

       Pre-tax income (loss)        $86.5   $58.3    (8.8)  $(4.1)  $131.9



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


                                                      OneBeacon
                                          Three Months Ended March 31, 2008
                                        Specialty Commercial Personal Total(1)
    GAAP Ratios
    Loss and LAE                              55%      72%      65%      66%
    Expense                                   32%      38%      31%      34%
      Total GAAP Combined                     87%     110%      96%     100%
    Dollars in millions
    Net written premiums                   $110.9   $169.7   $144.7   $425.7
    Earned premiums                        $110.4   $181.0   $163.6   $455.3

    OneBeacon                              Three Months Ended March 31, 2007
                                        Specialty Commercial Personal Total(1)
    GAAP Ratios
    Loss and LAE                              58%      55%      66%      62%
    Expense                                   31%      38%      37%      36%
         Total Combined                       88%      93%     103%      98%
    Dollars in millions
    Net written premiums                    $96.0   $171.3   $172.8   $440.3
    Earned premiums                        $106.3   $172.6   $189.8   $468.9



                                        White Mountains Re      Esurance
                                        Three Months Ended  Three Months Ended
                                             March 31,          March 31,
                                          2008      2007     2008      2007
    GAAP Ratios
    Loss and LAE                              63%      65%      81%      76%
    Expense                                   31%      34%      32%      35%
         Total Combined                       94%      99%     113%     111%
    Dollars in millions
    Gross written premiums                 $446.9   $499.0   $231.2   $208.8
    Net written premiums                   $359.6   $403.6   $230.3   $207.7
    Earned premiums                        $266.8   $298.3   $207.0   $170.8

    (1) Includes results from runoff operations.

SOURCE White Mountains Insurance Group, Ltd.
CONTACT: David Foy of White Mountains Insurance Group, Ltd.,
+1-203-458-5850

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