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White Mountains Book Value Per Share Increases to $313

HAMILTON, Bermuda, July 28 /PRNewswire-FirstCall/-- White Mountains Insurance Group, Ltd. ended the second quarter of 2004 with a fully converted tangible book value per share of $313, up 12% from June 30, 2003 and 8% since December 31, 2003, including dividends.

Comprehensive net income for the quarter was $38 million compared to $163 million in the second quarter of 2003. The decline was mainly due to $139 million of after-tax unrealized losses on the fixed income portfolio caused by a rise in interest rates, compared to after-tax unrealized gains of $76 million in the second quarter of 2003. In addition, pre-tax realized losses were $6 million in the second quarter of 2004 compared to $90 million of pre- tax realized gains in the second quarter of last year. These realized and unrealized losses were more than offset by strong underwriting results and the gain on the Sirius acquisition reflected in net income. For the year-to-date, comprehensive net income was $233 million compared to $254 million in the comparable period last year.

Net income for the quarter nearly doubled to $169 million, as the company had strong underwriting results and recorded a $111 million after-tax gain on the Sirius acquisition. Net income for the first six months of 2004 was $264 million, up 42% compared to $187 million for the first six months of last year.

CEO Ray Barrette said, "I am pleased we were able to grow our book value in the quarter despite a strong headwind from the bond market. Our short duration and good equity performance minimized the damage. Underwriting profits at both OneBeacon and White Mountains Re remain strong. The Sirius acquisition resulted in a gain of $111 million. Sirius is also generating significant underwriting profits on annualized premiums in excess of $500 million. Finally, we officially welcomed Berkshire Hathaway as a 16% shareholder as it exercised warrants in White Mountains a year ahead of schedule."

OneBeacon

OneBeacon's pre-tax income for the second quarter of 2004 was $95 million, compared to pre-tax income of $136 million for the second quarter of 2003. For the first six months of 2004, pre-tax income was $238 million, versus $275 million for the comparable period of 2003. Each measure was down due to significantly lower realized gains. The GAAP combined ratio improved to 95% and 96% for the second quarter and first six months of 2004 compared to 98% for each of the comparable periods of 2003. Net written premiums are up 26% and 33% for the quarter and year-to-date, respectively.

John Cavoores, CEO of OneBeacon said, "The combined ratio continues to improve in line with our expectations and our pricing remains disciplined in most segments. Our premium growth reflects the Atlantic Specialty acquisition, improved retentions in all lines and continued momentum at AutoOne and our other specialty segments."

Reinsurance

Pre-tax income for White Mountains' Reinsurance segment was $72 million for the second quarter of 2004, compared to $47 million for the second quarter of 2003. For the first six months of 2004, pre-tax income was $119 million versus $91 million in the comparable prior year period. The GAAP combined ratio was 92% for the second quarter and the first six months of 2004, compared to 96% and 95% in the comparable periods of 2003. Net written premiums were up 109% and 43% for the quarter and year-to-date, respectively.

Steve Fass, CEO of White Mountains Re, said, "Our reinsurance businesses across the globe are running well and producing underwriting profits. The combined ratio reflects the favorable prices, terms and conditions we have been able to achieve over the past several years. Premium growth mainly reflects the addition of Sirius to our enterprise."

White Mountains' Reinsurance segment consists of Folksamerica, Sirius, and White Mountains Underwriting.

Esurance

This segment had a pre-tax loss of less than a million in the second quarter of 2004, compared to a pre-tax loss of $5 million in the second quarter of the prior year. The GAAP combined ratio was 107% in the second quarter of 2004, compared to 126% for the second quarter of the prior year. Net written premiums are growing rapidly, up to $45 million in the second quarter of 2004, which is 72% higher than the second quarter of last year. The results and trends for the first six months of 2004 were similar to those reported for the second quarter of 2004.

Gary Tolman, CEO of Esurance, stated, "Esurance continued to expand its operation in the second quarter, boding well for ongoing future growth. We recently entered Georgia's $4.6 billion auto insurance market, and will introduce our auto product in Nevada very soon. When Esurance goes live in Nevada, we will be writing business in 16 states."

Other Operations

White Mountains' Other Operations segment reported a pre-tax loss of $70 million for the second quarter of 2004, compared to a pre-tax loss of $54 million for the second quarter of 2003. For the first six months of 2004 the segment reported a pre-tax loss of $146 million versus $85 million in the comparable period of 2003. The losses reported in this segment are principally the result of financing, purchase accounting and compensation expenses at the holding company level. The increased loss in the first half of 2004 relative to 2003 is principally the result of higher accruals for incentive compensation due to the increase in the stock price from year end 2003, a change in accounting for preferred stock, a decrease in the value of the Company's investment in Montpelier warrants, which are marked-to-market through net income, and the impact currency fluctuations had on our hedging the cost of funding for the Sirius acquisition.

Investment Activities

John Gillespie, President of White Mountains Advisors, said, "The sell-off in the bond market clearly impacted our results in the second quarter. We have kept the duration of our fixed maturity portfolio fairly short at about 3 years, as we felt that rates were more likely to rise than fall. However, given the size of our fixed maturity portfolio, a significant move upward in interest rates is still going to have a negative impact on the value of our investments."

The GAAP total return on invested assets for the quarter was -1.5%. Year- to-date it was up 1.7%. Net investment income was $93 million in the quarter and $164 million for the first half of 2004, up 28% and 8%, respectively from the comparable periods of 2003. The growth in net investment income in the second quarter primarily reflected the investment income earned on the invested assets acquired in the Sirius acquisition.

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-Q with the Securities and Exchange Commission on or before August 4, 2004 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 its 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 its expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:

    -- the failure of announced acquisitions to enhance shareholder value;
    -- 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 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 amounts)
                                   (Unaudited)

                                              June 30,        December 31,
                                                 2004              2003
       Assets

       Fixed maturity investments, at
        fair value                             $7,510.1          $6,248.1
       Short-term investments, at fair
        value                                   1,464.9           1,546.6
       Common equity securities, at fair
        value                                     887.0             513.6
       Other investments                          447.2             239.2

         Total investments                     10,309.2           8,547.5

       Reinsurance recoverable on unpaid
        losses                                  3,733.3           3,473.8
       Reinsurance recoverable on paid
        losses                                    162.9             121.7
       Insurance and reinsurance premiums
        receivable                                963.6             779.0
       Funds held by ceding reinsurers            953.1             144.1
       Deferred acquisition costs                 338.0             233.6
       Ceded unearned premiums                    205.7             185.3
       Investment in unconsolidated
        insurance affiliate(s)                    151.6             515.9
       Accounts receivable on unsettled
        investment purchases                       76.7               9.1
       Other assets                             1,029.8             961.0

         Total assets                         $17,923.9         $14,971.0

       Liabilities

       Loss and loss adjustment expense
        reserves                               $9,329.1          $7,728.2
       Unearned insurance and reinsurance
        premiums                                1,824.5           1,409.4
       Reserves for structured contracts          401.0                -
       Debt                                       824.3             743.0
       Preferred stock subject to
        mandatory redemption                      202.7             194.5
       Funds held under reinsurance
        treaties                                  187.5             211.9
       Ceded reinsurance payable                  124.1             127.7
       Accounts payable on unsettled
        investment purchases                       67.2             371.6
       Other liabilities                        1,450.3           1,205.5

         Total liabilities                     14,410.7          11,991.8

       Common Shareholders' Equity

       Common shares and paid-in surplus        1,717.7           1,407.1
       Retained earnings                        1,541.3           1,286.4
       Accumulated other comprehensive
        income, after tax:
        Unrealized gains on investments           245.8             286.0
        Unrealized foreign currency
         translation gains (losses)                 8.4               (.3)

         Total common shareholders'
          equity                                3,513.2           2,979.2

       Total liabilities and common
        shareholders' equity                  $17,923.9         $14,971.0

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






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



                                     June 30,  March 31, December 31, June 30,
                                        2004      2004      2003       2003
    Book value per share numerators
     (in millions of dollars):

    Common shareholders' equity        $3,513.2  $3,180.6  $2,979.2  $2,869.3
      Proceeds from assumed exercise
       of outstanding warrants                -     300.0     300.0     300.0
      Benefits to be received from
       share obligations under
       employee benefit plans               8.4       8.6       7.0       7.5
      Remaining adjustment of
       subsidiary preferred stock to
       face value                        (117.3)   (121.5)   (125.5)   (132.7)
    Book value per share numerator      3,404.3   3,367.7   3,160.7   3,044.1
      Goodwill of consolidated limited
       partnership investments            (19.7)    (20.1)    (20.3)    (15.7)
    Fully converted tangible book
     value per common and equivalent
     share numerator                   $3,384.6  $3,347.6  $3,140.4  $3,028.4

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

    Common Shares outstanding          10,769.4   9,045.5   9,007.2   9,002.4
      Common Shares issuable upon
       exercise of outstanding
       warrants                               -   1,724.2   1,724.2   1,724.2
      Share obligations under employee
       benefits plans                      50.0      50.0      50.6      55.4
    Fully converted tangible book
     value per common and equivalent
     share denominator                 10,819.4  10,819.7  10,782.0  10,782.0

    Book value per share                $314.65   $311.25   $293.15   $282.33
    Fully converted tangible book
     value per common and equivalent
     share                              $312.82   $309.39   $291.27   $280.88



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

                                  Three Months Ended      Six Months Ended
                                       June 30,                June 30,

                                  2004         2003      2004           2003
     Revenues:
      Earned insurance and
       reinsurance premiums       $997.2      $755.2   $1,829.1      $1,558.2
      Net investment income         93.2        73.0      164.2         151.6
      Net realized gains
       (losses) on investments      (5.6)       90.0       56.2         148.2
      Other revenue                 35.4        44.2       93.8          73.9

        Total revenues           1,120.2       962.4    2,143.3       1,931.9
     Expenses:
      Loss and loss adjustment
       expenses                    623.4       511.4    1,146.7       1,034.0
      Insurance and reinsurance
       acquisition expenses        184.0       148.9      340.7         306.8
      Other underwriting
       expenses                    137.2        86.9      252.1         186.5
      General and
       administrative expenses      42.3        64.4      124.0          80.0
      Accretion of fair value
       adjustment to loss and
       loss adjustment expense
       reserves                     12.8        14.2       22.9          28.4
      Interest expense on debt      12.1        12.5       23.4          26.1
      Interest expense -
       dividends on preferred
       stock subject to
       mandatory redemption          7.6           -       15.2             -
      Interest expense -
       accretion on preferred
       stock subject to
       mandatory redemption          4.2           -        8.1             -

        Total expenses           1,023.6       838.3    1,933.1       1,661.8

     Pretax income                  96.6       124.1      210.2         270.1

      Tax provision                (44.4)      (44.7)     (89.3)        (90.8)

     Net income before minority
      interest, equity in
      earnings of
        unconsolidated
         affiliates and
         extraordinary item         52.2        79.4      120.9         179.3

      Accretion of subsidiary
       preferred stock to face
       value                           -        (3.3)         -          (6.4)
      Dividends on subsidiary
       preferred stock                 -        (7.5)         -         (15.1)
      Equity in earnings of
       unconsolidated insurance
       affiliates                    4.9        15.8       23.1          28.7

     Net income before
      extraordinary item            57.1        84.4      144.0         186.5

      Excess of fair value of
       acquired net assets over
       cost                        111.4           -      120.0             -

     Net income                    168.5        84.4      264.0         186.5

      Net change in unrealized
       gains on investments       (138.9)       75.8      (40.2)         66.3
      Net change in foreign
       currency losses               8.8         2.3        8.7           1.6

     Comprehensive net income      $38.4      $162.5     $232.5        $254.4


     Computation of net income
      available to common
      shareholders:
       Net income                 $168.5       $84.4     $264.0        $186.5
       Redemption value
        adjustment -
        convertible preference
        shares                         -       (38.0)         -         (49.5)
     Net income available to
      common shareholders         $168.5       $46.4     $264.0        $137.0

     Basic earnings per common
      share:

       Net income before
        extraordinary item         $6.30       $5.38     $15.93        $16.21
       Net income                  18.59        5.38      29.20         16.21

     Diluted earnings per
      common share:

       Net income before
        extraordinary item         $5.56       $4.77     $14.11        $14.56
       Net income                  16.45        4.77      25.93         14.56



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


     For the Six Months Ended June 30, 2004


                            OneBeacon Reinsurance Esurance Other    Total
       Revenues:
         Earned insurance and
          reinsurance premiums $1,194.4  $557.5   $77.1     $0.1  $1,829.1
         Net investment income    109.4    41.6     1.3     11.9     164.2
         Net realized gains on
          investments              70.9    12.4     0.4    (27.5)     56.2
         Other revenue             63.9    33.4     2.5     (6.0)     93.8

           Total revenues       1,438.6   644.9    81.3    (21.5)  2,143.3
       Expenses:
         Loss and loss
          adjustment expenses     738.3   350.0    57.4      1.0   1,146.7
         Insurance and
          reinsurance
          acquisition expenses    216.4   113.7    10.6       -      340.7
         Other underwriting
          expenses                186.3    50.9    14.1      0.8     252.1
         General and
          administrative
          expenses                 59.3     6.5      -      58.2     124.0
         Accretion of fair
          value adjustment to
          loss and lae
          reserves                   -      2.7      -      20.2      22.9
         Interest expense on
          debt                      0.4     1.7      -      21.3      23.4
         Interest expense  -
          dividends and
          accretion on
          preferred stock
           subject to
            mandatory
            redemption               -       -       -      23.3      23.3

           Total expenses       1,200.7   525.5    82.1    124.8   1,933.1

       Pretax income (loss)      $237.9  $119.4   $(0.8) $(146.3)   $210.2

     For the Six Months Ended
      June 30, 2003


                            OneBeacon Reinsurance Esurance Other    Total

       Revenues:
         Earned insurance and
          reinsurance premiums $1,106.9  $394.8   $41.4    $15.1  $1,558.2
         Net investment income    120.0    25.7     0.6      5.3     151.6
         Net realized gains on
          investments             129.3    13.8     0.5      4.6     148.2
         Other revenue             32.2    37.4     1.1      3.2      73.9

           Total revenues       1,388.4   471.7    43.6     28.2   1,931.9
       Expenses:
         Loss and loss
          adjustment expenses     733.7   254.0    34.8     11.5   1,034.0
         Insurance and
          reinsurance
          acquisition expenses    202.9    94.1     8.0      1.8     306.8
         Other underwriting
          expenses                144.0    26.5    10.8      5.2     186.5
         General and
          administrative
          expenses                 33.0     5.5      -      41.5      80.0
         Accretion of fair
          value adjustment to
          loss and lae
          reserves                   -       -       -      28.4      28.4
         Interest expense on
          debt                       -      1.0      -      25.1      26.1

           Total expenses       1,113.6   381.1    53.6    113.5   1,661.8

       Pretax income (loss)      $274.8   $90.6  $(10.0)  $(85.3)   $270.1



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


     For the Three Months Ended June 30, 2004

                               OneBeacon Reinsurance Esurance Other  Total
       Revenues:
         Earned insurance and
          reinsurance premiums      $602.7  $353.0  $41.4    $0.1   $997.2
         Net investment income        58.0    30.1    0.9     4.2     93.2
         Net realized gains on
          investments                  3.2     8.7   (0.1)  (17.4)    (5.6)
         Other revenue                19.9    12.8    1.4     1.3     35.4

           Total revenues            683.8   404.6   43.6   (11.8) 1,120.2
       Expenses:
         Loss and loss adjustment
          expenses                   367.0   221.8   31.1     3.5    623.4
         Insurance and reinsurance
          acquisition expenses       105.0    72.8    6.2      -     184.0
         Other underwriting
          expenses                    98.9    30.9    7.1     0.3    137.2
         General and administrative
          expenses                    17.4     3.3     -     21.6     42.3
         Accretion of fair value
          adjustment to loss and
          lae reserves                  -      2.7     -     10.1     12.8
         Interest expense on debt      0.3     1.2     -     10.6     12.1
         Interest expense  -
          dividends and accretion
          on preferred stock
           subject to mandatory
            redemption                  -       -      -     11.8     11.8

           Total expenses            588.6   332.7   44.4    57.9  1,023.6

       Pretax income (loss)          $95.2   $71.9  $(0.8) $(69.7)   $96.6

     For the Three Months Ended
      June 30, 2003

                               OneBeacon Reinsurance Esurance Other  Total
       Revenues:
         Earned insurance and
          reinsurance premiums      $537.8  $187.5  $22.7    $7.2   $755.2
         Net investment income        55.5    12.8    0.3     4.4     73.0
         Net realized gains on
          investments                 71.8    12.1    0.2     5.9     90.0
         Other revenue                26.5    17.8    0.6    (0.7)    44.2

           Total revenues            691.6   230.2   23.8    16.8    962.4
       Expenses:
         Loss and loss adjustment
          expenses                   366.0   120.6   19.1     5.7    511.4
         Insurance and reinsurance
          acquisition expenses        97.9    46.7    3.5     0.8    148.9
         Other underwriting
          expenses                    65.5    12.7    6.0     2.7     86.9
         General and administrative
          expenses                    26.1     2.6     -     35.7     64.4
         Accretion of fair value
          adjustment to loss and
          lae reserves                  -       -      -     14.2     14.2
         Interest expense on debt       -      0.5     -     12.0     12.5

           Total expenses            555.5   183.1   28.6    71.1    838.3

       Pretax income (loss)         $136.1   $47.1  $(4.8) $(54.3)  $124.1



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




    Six Months Ended June 30, 2004               OneBeacon

                             Specialty   Personal     Commercial      Total(1)
    GAAP Ratios
    Loss and LAE                 52%          60%          58%            62%
    Expense                      29%          32%          41%            34%
        Total Combined           81%          92%          99%            96%

    Dollars in millions
    Net written premiums      $420.2       $342.8       $508.8       $1,303.5
    Earned premiums           $413.0       $341.1       $358.9       $1,194.4


    Six Months Ended June 30, 2003             OneBeacon

                             Specialty   Personal     Commercial      Total(1)

    GAAP Ratios
    Loss and LAE                 53%          69%          64%            66%
    Expense                      33%          28%          34%            32%
         Total Combined          86%          97%          98%            98%

    Dollars in millions
    Net written premiums      $329.0       $332.3       $232.4         $978.5
    Earned premiums           $329.3       $379.0       $215.1       $1,106.9



    Three Months Ended June 30, 2004           OneBeacon

                             Specialty   Personal     Commercial      Total(1)
    GAAP Ratios
    Loss and LAE                 56%          54%          55%            61%
    Expense                      28%          34%          43%            34%
         Total Combined          84%          88%          98%            95%

    Dollars in millions
    Net written premiums      $206.9       $182.5       $192.3         $612.6
    Earned premiums           $202.2       $171.9       $179.5         $602.7




    Three Months Ended June 30, 2003           OneBeacon

                             Specialty   Personal     Commercial      Total(1)
    GAAP Ratios
    Loss and LAE                 53%          70%          65%            68%
    Expense                      33%          26%          31%            30%
         Total Combined          86%          96%          96%            98%

    Dollars in millions
    Net written premiums      $157.7       $174.7       $111.9         $484.7
    Earned premiums           $168.4       $186.1       $106.0         $537.8


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




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




    Six Months Ended June 30, 2004                 Reinsurance      Esurance

    GAAP Ratios
    Loss and LAE                                       63%               74%
    Expense                                            29%               32%
         Total Combined                                92%              106%
    Dollars in millions
    Net written premiums                            $618.2             $89.5
    Earned premiums                                 $557.5             $77.1

    Six Months Ended June 30, 2003                 Reinsurance      Esurance

    GAAP Ratios
    Loss and LAE                                       64%               84%
    Expense                                            31%               46%
         Total Combined                                95%              130%
    Dollars in millions
    Net written premiums                            $433.5             $50.2
    Earned premiums                                 $394.8             $41.4

    Three Months Ended June 30, 2004              Reinsurance       Esurance

    GAAP Ratios
    Loss and LAE                                       63%               75%
    Expense                                            29%               32%
         Total Combined                                92%              107%
    Dollars in millions
    Net written premiums                            $414.8             $44.5
    Earned premiums                                 $353.0             $41.4

    Three Months Ended June 30, 2003             Reinsurance        Esurance

    GAAP Ratios
    Loss and LAE                                       64%               84%
    Expense                                            32%               42%
         Total Combined                                96%              126%
    Dollars in millions
    Net written premiums                            $198.1             $25.8
    Earned premiums                                 $187.5             $22.7

SOURCE White Mountains Insurance Group, Ltd.
07/28/2004

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

Web site: http://www.whitemountains.com
(WTM)

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