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White Mountains Book Value Per Share up Slightly to $282
Excellent Underwriting Performance Continues

HAMILTON, Bermuda, Oct 30, 2003 /PRNewswire via COMTEX/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ended the third quarter of 2003 with a fully converted tangible book value per share of $282, up slightly from the second quarter of 2003 and up 9% from $259 at year-end 2002.

The following after-tax items impacted book value per share in the third quarter of 2003:

    -- $65 million net reserve increase primarily for construction defect
       claims as part of the review of all claims recalled from Liberty Mutual
       by OneBeacon;
    -- $20 million release of a liability for New York assigned risks at
       OneBeacon as future assignments have been mitigated by our successful
       LAD operation, AutoOne;
    -- $47 million in realized and unrealized investment losses, compared to
       realized and unrealized gains of $168 million in last year's third
       quarter;
    -- $29 million in gains on the sale of several real estate properties at
       OneBeacon previously written-off under purchase accounting.

Pre-tax income was $308 million for the first nine months of 2003, well above the $60 million for the comparable prior year period. This was primarily due to the underwriting results at OneBeacon and Folksamerica, as the GAAP combined ratios for the first nine months of 2003 of these businesses improved by 9 and 8 points, respectively, over the first nine months of 2002. Pre-tax income for the third quarter was $38 million, which was lower than the $82 million reported in last year's third quarter primarily due to realized losses in the bond portfolio.

CEO Ray Barrette said, "Our excellent underwriting performance continued at both OneBeacon and Folksamerica in the third quarter. In addition, Montpelier had another great quarter. We fine-tuned our reserves and other balance sheet accounts after a thorough review of all claims recalled from Liberty Mutual. Our book value growth was impacted by the reserve adjustment and the recent losses in our bond portfolio, but remains on target through the first nine months. Our investment team is doing a fine job navigating through turbulent times in the markets."

OneBeacon

OneBeacon's pre-tax income for the third quarter of 2003 was $28 million, which included $18 million in net realized investment losses, compared to pre- tax income of $99 million for the third quarter of 2002, which included $84 million in net realized investment gains. The GAAP combined ratio was 103% for the third quarter of 2003 compared to 108% for the third quarter of 2002. OneBeacon's 2003 results include the reserve increase for construction defect claims and the release of the New York assigned risk liability, which are mentioned above.

For the first nine months of 2003, OneBeacon's pre-tax income was $309 million with a GAAP combined ratio of 99%. For the comparable period of 2002, pre-tax income was $140 million with a GAAP combined ratio of 108%. Net realized investment gains were $112 million for the first nine months of 2003, versus $99 million in the comparable period of 2002.

John Cavoores, President and CEO of OneBeacon, said, "I am very pleased with our underwriting performance so far this year. For the first nine months our GAAP combined ratio for our core operations was 89% and our overall GAAP combined was 99%. All three of our core businesses -- personal, commercial, and specialty - are delivering combined ratios below 100%. Our core premiums are growing for the first time since the acquisition and we have excellent growth prospects as many competitors are hobbled by their weak balance sheets. Our non-core business continues to disappear as the quota share arrangement with Liberty expires on October 31 and we did not exercise our option to take a 10% quota share for the next three years."

Net written premiums for the third quarter of 2003 were $560 million, down from $635 million in the third quarter of 2002. Net written premiums on core operations, which are comprised of personal and commercial lines business in the Northeast and specialty business, were $521 million in the quarter compared to $510 million in the third quarter of 2002. Net written premiums for the first nine months of 2003 were $1.5 billion, down from $2.0 billion in the first nine months of 2002. Net written premiums on core operations were $1.4 billion in the first nine months of 2003, compared to $1.6 billion in the first nine months of 2002.

Reinsurance

Pre-tax income for White Mountains' Reinsurance segment was $20 million for the third quarter of 2003, compared to $69 million for the third quarter of 2002. The lower amount was primarily due to $15 million in net realized investment losses in this quarter, compared to $66 million in net realized investment gains in last year's third quarter. For the first nine months of 2003 pre-tax income was $127 million, versus $120 million in the comparable prior year period. Pre-tax income included net realized investment gains of $10 million in the first nine months of 2003, versus $63 million in the comparable period of 2002.

Folksamerica's GAAP combined ratio was 96% in the third quarter of 2003, compared to 107% in the third quarter of 2002. Folksamerica's net written premiums increased 33% from the third quarter of 2002 to the third quarter of 2003, while gross written premiums increased 56%. Folksamerica's GAAP combined ratio was 95% for the first nine months of 2003, compared to 103% for the first nine months of 2002. Net written premiums increased 39% from the first nine months of 2002 to the first nine months of 2003, while gross written premiums increased 56%.

On October 3, 2003, Folksamerica announced that it had acquired the renewal rights to the property and casualty treaty business of CNA Re.

Steve Fass, CEO of Folksamerica, said, "We continued to generate profitable growth in the third quarter at Folksamerica. In addition to our existing operations, where premiums are up substantially, there are a lot of opportunities out there to bring in new sources of incremental business. The renewal rights deal with CNA is a terrific example of this."

White Mountains' reinsurance segment consists of Folksamerica, White Mountains Underwriting, Fund American Re and White Mountains' investment in Montpelier Re Holdings.

Other Operations

White Mountains' other operations segment reported a pre-tax loss of $10 million for the third quarter of 2003, compared to a pre-tax loss of $87 million for the third quarter of 2002. For the first nine months of 2003 the segment reported a pre-tax loss of $128 million versus a pre-tax loss of $200 million in the first nine months of 2002. The losses reported in this segment are principally the result of financing, purchase accounting and compensation expenses at the holding company level. In the third quarter of 2003, the amount of such losses was partially offset by the real estate gains mentioned above as $37 million pre-tax were included in this segment.

Investment Activities

White Mountains' pre-tax income in the third quarter of 2003 included net realized investment losses of $34 million, compared to $119 million in net realized investment gains in the third quarter of 2002. For the first nine months of 2003 pre-tax income included net realized investment gains of $114 million, versus $117 million in the comparable period of 2002. The investment losses realized in the third quarter of 2003 resulted primarily from the sale of mortgage backed securities to reduce the duration of the bond portfolio. After-tax unrealized investment losses were $22 million in the quarter, compared to after-tax unrealized investment gains of $79 million in the third quarter of 2002. For the first nine months of 2003 after-tax unrealized investment gains were $44 million, compared to $189 million in the first nine months of 2002.

John Gillespie, President of White Mountains Advisors, said, "The big event of the past several months has been the gyrations in the bond market. After hitting 45-year lows in June, the 10-year treasury bond had a massive sell off in July, a sizable rally in September, and another sell off in October. We believe the emerging economic data points to a trend towards higher rates and thus we continue to keep the duration of our fixed maturity investments relatively short at about 3 years. We also are continuing to gradually accumulate value equities despite the rally in the stock market, as we are still able to find securities that are attractive."

Financing Activities

White Mountains closed on a new, undrawn $300 million revolving credit facility in September. David Foy, White Mountains' CFO, commented, "This new credit facility is much less restrictive than our previous revolver and carries a lower cost. The more favorable terms reflect our reduction in financial leverage, which includes a debt-to-capital ratio of below 20%, and an improved ratings outlook."

Changes in Accounting Principles

During the third quarter of 2003, White Mountains recorded a $90 million charge as a cumulative effect of a change in accounting principles as a result of the adoption of SFAS 150, which required the Company to book the difference between the fair value of the Berkshire Preferred Stock at its issuance date and its previous carrying value. As a result, for the quarter the Company reported a net loss of $52 million, compared to net income of $55 million in the third quarter of 2002. The change in accounting principle did not impact fully converted tangible book value per share as the Company already carried the Berkshire Preferred Stock at its full $300 million redemption value in its fully converted tangible book value per share calculation.

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 Friday November 14, 2003 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.

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.


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

                                               (Unaudited)
                                             September 30,     December 31,
                                                  2003              2002
       Assets

       Fixed maturity investments, at
        fair value                              $5,892.4          $6,669.1
       Short-term investments, at fair
        value                                    1,680.5           1,790.6
       Common equity securities, at fair
        value                                      439.9             275.0
       Other investments                           306.3             164.7

         Total investments                       8,319.1           8,899.4

       Reinsurance recoverable on unpaid
        losses                                   3,633.7           4,071.9
       Reinsurance recoverable on paid
        losses                                     132.6             159.8
       Insurance and reinsurance premiums
        receivable                                 833.8             830.5
       Accounts receivable on unsettled
        investment sales                           952.6             160.8
       Investments in unconsolidated
        insurance affiliates                       468.3             399.9
       Deferred tax asset                          326.0             430.0
       Deferred acquisition costs                  241.7             244.9
       Ceded unearned premiums                     186.3             163.9
       Other assets                                838.5             672.5

         Total assets                          $15,932.6         $16,033.6

       Liabilities

       Loss and loss adjustment expense
        reserves                                $8,030.5          $8,875.3
       Unearned insurance and reinsurance
        premiums                                 1,482.1           1,514.4
       Accounts payable on unsettled
        investment purchases                     1,077.8             495.2
       Debt                                        742.5             793.2
       Preferred stock subject to
        mandatory redemption                       278.8               -
       Funds held under reinsurance
        treaties                                   200.2             262.4
       Other liabilities                         1,326.1           1,285.3

         Total liabilities                      13,138.0          13,225.8

       Convertible preference shares                 -               219.0
       Minority interest - preferred
        stock of subsidiaries                        -               180.9

       Common shareholders' equity

       Common shares and paid-in surplus         1,402.9           1,129.3
       Retained earnings                         1,139.9           1,071.9
       Accumulated other comprehensive
        income, after tax                          251.8             206.7

         Total common shareholders'
          equity                                 2,794.6           2,407.9

       Total liabilities, convertible
        preference shares, minority
        interest
        and common shareholders' equity        $15,932.6         $16,033.6

       Common shares outstanding (000's)           9,002 sh          8,351 sh
       Common and equivalent shares
        outstanding (000's)                       10,782 sh         10,806 sh





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


                                   September 30,  June 30,   December 31,
                                       2003         2003          2002
    Book value per share
     numerators:

    Common shareholders' equity         $2,794.6  $2,869.3       $2,407.9
      Proceeds from assumed
       exercise of outstanding
       Warrants                            300.0     300.0          300.0
      Benefits to be received from
       share obligations under
       employee benefit plans                7.5       7.5            8.8
      Remaining adjustment of
       subsidiary preferred stock
       to face value                       (41.2)   (132.7)        (139.1)
    Book value per share numerator       3,060.9   3,044.1        2,577.6
      Conversion of convertible
       preference shares to Common
       Shares                                  -         -          219.0
      Unamortized deferred credits
       and goodwill                        (17.8)    (15.7)             -
    Fully converted tangible book
     value per common and
     equivalent share numerator         $3,043.1  $3,028.4       $2,796.6

    Book value per share denominators:

    Common Shares outstanding            9,002.4   9,002.4        8,351.4
      Common Shares issuable upon
       exercise of outstanding
       Warrants                          1,724.2   1,724.2        1,714.3
      Share obligations under
       employee benefits plans              55.4      55.4           61.9
    Book value per share
     denominator                        10,782.0  10,782.0       10,127.6
      Conversion of convertible
       preference shares to Common
       Shares                                  -         -          678.0
    Fully converted tangible book
     value per common and
     equivalent share denominator       10,782.0  10,782.0       10,805.6

    Book value per share                 $283.90   $282.33        $254.52
    Fully converted tangible book
     value per common and
     equivalent share                    $282.24   $280.88        $258.82




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

                                                       Three Months Ended
                                                          September 30,
                                                     2003              2002
     Revenues:
      Earned insurance and reinsurance
       premiums                                    $788.2              $878.5
      Net investment income                          67.5                88.1
      Net realized gains (losses) on
       investments                                  (34.2)              119.3
      Other revenue (loss)                           71.2                (4.4)

        Total revenues                              892.7             1,081.5
     Expenses:
      Loss and loss adjustment expenses             600.5               637.5
      Insurance and reinsurance
       acquisition expenses                         149.5               227.8
      General and administrative expenses            74.2               102.7
      Accretion of fair value adjustment
       to loss and loss adjustment
       expense reserves                              10.1                14.2
      Interest expense on debt                       11.0                17.3
      Interest expense - dividends and
       accretion on preferred stock
       subject to mandatory redemption                9.2                   -

        Total expenses                              854.5               999.5

     Pretax income                                   38.2                82.0

      Tax provision                                 (14.4)              (20.3)

     Net income before minority interest,
      accounting changes and
       equity in earnings of
        unconsolidated subsidiaries                  23.8                61.7

      Dividends and accretion on
       subsidiary preferred stock to face
       value                                            -               (10.3)
      Equity in earnings of
       unconsolidated insurance
       affiliates                                    13.6                 3.2

     Net income from continuing
      operations                                     37.4                54.6

      Cumulative effect of changes in
       accounting principles                        (89.8)                  -
      Excess of fair value of acquired
       net assets over cost                             -                   -

     Net income (loss)                              (52.4)               54.6

      Unrealized gains (losses) on
       investments                                  (22.4)               79.2
      Foreign currency translation                    (.4)               (1.0)

     Comprehensive net income (loss)               $(75.2)             $132.8


     Computation of net income (loss)
      available to common shareholders:
       Net income (loss)                           $(52.4)              $54.6
       Redemption value adjustment -
        convertible preference shares                   -                    -
     Net income (loss) available to
      common shareholders                          $(52.4)              $54.6

     Basic earnings per common share:

       Net income from continuing
        operations                                  $4.16               $6.67
       Net income (loss)                            (5.82)               6.67

     Diluted earnings per common share:

       Net income from continuing
        operations                                  $3.69               $6.04
       Net income (loss)                            (5.33)               6.04




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

                                                       Nine Months Ended
                                                         September 30,
                                                    2003              2002
     Revenues:
      Earned insurance and reinsurance
       premiums                                  $2,346.4            $2,736.3
      Net investment income                         219.1               276.2
      Net realized gains (losses) on
       investments                                  114.0               116.7
      Other revenue (loss)                          118.6                62.3

        Total revenues                            2,798.1             3,191.5
     Expenses:
      Loss and loss adjustment expenses           1,634.5             2,010.5
      Insurance and reinsurance
       acquisition expenses                         456.9               622.1
      General and administrative expenses           313.6               380.5
      Accretion of fair value adjustment
       to loss and loss adjustment
       expense reserves                              38.5                65.6
      Interest expense on debt                       37.1                53.0
      Interest expense - dividends and
       accretion on preferred stock
       subject to mandatory redemption                9.2                   -

        Total expenses                            2,489.8             3,131.7

     Pretax income                                  308.3                59.8

      Tax provision                                (105.2)               (1.3)

     Net income before minority interest,
      accounting changes and
       equity in earnings of
        unconsolidated subsidiaries                 203.1                58.5

      Dividends and accretion on
       subsidiary preferred stock to face
       value                                        (21.5)              (30.4)
      Equity in earnings of
       unconsolidated insurance
       affiliates                                    42.3                 7.8

     Net income from continuing
      operations                                    223.9                35.9

      Cumulative effect of changes in
       accounting principles                        (89.8)              660.2
      Excess of fair value of acquired
       net assets over cost                             -                 7.1

     Net income (loss)                              134.1               703.2

      Unrealized gains (losses) on
       investments                                   44.0               189.0
      Foreign currency translation                    1.1                (3.0)

     Comprehensive net income (loss)               $179.2              $889.2


     Computation of net income (loss)
      available to common shareholders:
       Net income (loss)                           $134.1              $703.2
       Redemption value adjustment -
        convertible preference shares               (49.5)                   -
     Net income (loss) available to
      common shareholders                           $84.6              $703.2

     Basic earnings per common share:

       Net income from continuing
        operations                                 $20.20               $4.38
       Net income (loss)                             9.80               85.90

     Diluted earnings per common share:

       Net income from continuing
        operations                                 $18.08               $3.87
       Net income (loss)                             8.67               77.67




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


     For the Nine Months Ended September 30, 2003


                                   OneBeacon  Reinsurance   Other   Total
       Revenues:
         Earned insurance and
          reinsurance premiums         $1,658.5  $664.5    $23.4  $2,346.4
         Net investment income            173.3    40.0      5.8     219.1
         Net realized gains (losses)
          on investments                  112.2    10.0     (8.2)    114.0
         Other revenue                     16.4    52.2     50.0     118.6

           Total revenues               1,960.4   766.7     71.0   2,798.1
       Expenses:
         Loss and loss adjustment
          expenses                      1,169.1   446.9     18.5   1,634.5
         Insurance and reinsurance
          acquisition expenses            301.4   141.2     14.3     456.9
         General and administrative
          expenses                        180.8    50.0     82.8     313.6
         Accretion of fair value
          adjustment to loss and lae
          reserves                           -       -      38.5      38.5
         Interest expense on debt            -      1.5     35.6      37.1
         Interest expense  - dividends
          and accretion on preferred
          stock
           subject to mandatory
            redemption                       -       -       9.2       9.2

           Total expenses               1,651.3   639.6    198.9   2,489.8

       Pretax income (loss)              $309.1  $127.1  $(127.9)   $308.3

     For the Nine Months Ended
      September 30, 2002


                                   OneBeacon  Reinsurance  Other    Total
       Revenues:
         Earned insurance and
          reinsurance premiums         $2,241.4  $472.8    $22.1  $2,736.3
         Net investment income
          (expense)                       235.6    43.1     (2.5)    276.2
         Net realized gains (losses)
          on investments                   98.5    62.7    (44.5)    116.7
         Other revenue                      0.1    38.4     23.8      62.3

           Total revenues               2,575.6   617.0     (1.1)  3,191.5
       Expenses:
         Loss and loss adjustment
          expenses                      1,663.4   329.5     17.6   2,010.5
         Insurance and reinsurance
          acquisition expenses            502.6   116.7      2.8     622.1
         General and administrative
          expenses                        269.7    49.8     61.0     380.5
         Accretion of fair value
          adjustment to loss and lae
          reserves                           -       -      65.6      65.6
         Interest expense on debt            -      1.5     51.5      53.0

           Total expenses               2,435.7   497.5    198.5   3,131.7

       Pretax income (loss)              $139.9  $119.5  $(199.6)    $59.8




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


     For the Three Months Ended September 30, 2003


                                      OneBeacon Reinsurance Other    Total
       Revenues:
         Earned insurance and reinsurance
          premiums                         $550.7  $229.2    $8.3   $788.2
         Net investment income               50.2    13.2     4.1     67.5
         Net realized losses on
          investments                       (17.5)  (15.4)   (1.3)   (34.2)
         Other revenue                       15.0    16.7    39.5     71.2

           Total revenues                   598.4   243.7    50.6    892.7
       Expenses:
         Loss and loss adjustment expenses  434.7   158.8     7.0    600.5
         Insurance and reinsurance
          acquisition expenses               98.3    45.9     5.3    149.5
         General and administrative
          expenses                           37.5    18.4    18.3     74.2
         Accretion of fair value
          adjustment to loss and lae
          reserves                             -       -     10.1     10.1
         Interest expense on debt              -      0.5    10.5     11.0
         Interest expense  - dividends and
          accretion on preferred stock
           subject to mandatory redemption     -       -      9.2      9.2

           Total expenses                   570.5   223.6    60.4    854.5

       Pretax income (loss)                 $27.9   $20.1   $(9.8)   $38.2

     For the Three Months Ended September
      30, 2002


                                       OneBeacon Reinsurance Other   Total
       Revenues:
         Earned insurance and reinsurance
          premiums                         $688.8  $182.1    $7.6   $878.5
         Net investment income               73.2    13.8     1.1     88.1
         Net realized gains (losses) on
          investments                        83.9    65.6   (30.2)   119.3
         Other revenue (loss)                  -      9.5   (13.9)    (4.4)

           Total revenues                   845.9   271.0   (35.4) 1,081.5
       Expenses:
         Loss and loss adjustment expenses  488.5   141.6     7.4    637.5
         Insurance and reinsurance
          acquisition expenses              188.0    38.7     1.1    227.8
         General and administrative
          expenses                           70.0    21.0    11.7    102.7
         Accretion of fair value
          adjustment to loss and lae
          reserves                             -       -     14.2     14.2
         Interest expense on debt              -      0.5    16.8     17.3

           Total expenses                   746.5   201.8    51.2    999.5

       Pretax income (loss)                 $99.4   $69.2  $(86.6)   $82.0


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



    Nine Months Ended
     September 30, 2003                         OneBeacon
                            Personal Commercial Speciality Total Core Total(1)
    GAAP Ratios
    Loss and LAE                   61%      63%      60%       61%       70%
    Expense                        24%      33%      31%       28%       29%
         Total Combined            85%      96%      91%       89%       99%
    Dollars in millions
    Net written premiums        $702.0   $328.1   $385.9  $1,416.0  $1,539.3
    Earned insurance premiums   $734.9   $320.9   $361.4  $1,417.2  $1,658.5

    Nine Months Ended
     September 30, 2002                         OneBeacon
                            Personal Commercial Specialty Total Core Total(1)
    GAAP Ratios
    Loss and LAE                   75%      71%     61%       71%       74%
    Expense                        26%      34%     32%       29%       34%
         Total Combined           101%     105%     93%      100%      108%
    Dollars in millions
    Net written premiums        $877.5    $362.5  $342.0  $1,582.0  $2,038.2
    Earned insurance premiums   $757.7    $411.5  $306.0  $1,475.2  $2,241.4

    Three Months Ended
     September 30, 2003                          OneBeacon
                            Personal Commercial Specialty Total Core Total(1)
    GAAP Ratios
    Loss and LAE                   56%      61%     66%       60%       79%
    Expense                        14%      30%     30%       21%       24%
         Total Combined            70%      91%     96%       81%      103%
    Dollars in millions
    Net written premiums        $284.4    $95.7  $141.0    $521.1    $559.7
    Earned insurance premiums   $265.6   $105.8  $121.6    $493.0    $550.7

    Three Months Ended
     September 30, 2002                          OneBeacon
                             Personal Commercial Specialty Total Core Total(1)
    GAAP Ratios
    Loss and LAE                   69%      74%     63%       69%       71%
    Expense                        28%      34%     35%       31%       37%
         Total Combined            97%     108%     98%      100%      108%
    Dollars in millions
    Net written premiums        $273.6    $99.8  $136.4    $509.8    $635.0
    Earned insurance premiums   $265.6   $122.8  $106.5    $494.9    $688.8



    (1) Includes results from Non-core operations.



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



    Nine Months Ended September 30, 2003          Folksamerica

    GAAP Ratios
    Loss and LAE                                        67%
    Expense                                             28%
         Total Combined                                 95%
    Dollars in millions
    Net written premiums                             $664.1
    Earned insurance premiums                        $614.4

    Nine Months Ended September 30, 2002           Folksamerica

    GAAP Ratios
    Loss and LAE                                        69%
    Expense                                             34%
         Total Combined                                103%
    Dollars in millions
    Net written premiums                             $479.0
    Earned insurance premiums                        $443.5

    Three Months Ended September 30, 2003          Folksamerica

    GAAP Ratios
    Loss and LAE                                        70%
    Expense                                             26%
         Total Combined                                 96%
    Dollars in millions
    Net written premiums                             $228.0
    Earned insurance premiums                        $213.6

    Three Months Ended September 30, 2002         Folksamerica

    GAAP Ratios
    Loss and LAE                                        76%
    Expense                                             31%
         Total Combined                                107%
    Dollars in millions
    Net written premiums                             $171.3
    Earned insurance premiums                        $163.0

SOURCE White Mountains Insurance Group, Ltd.

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