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White Mountains Book Value Per Share Increases to $320
Strong Investment Results Offset Impact of Storms and Reserve Increase

HAMILTON, Bermuda, Oct. 29 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. ended the third quarter of 2004 with a fully converted tangible book value per share of $320, up 10% for the year-to-date and 14% for the last twelve months, including dividends.

Adjusted comprehensive net income for the quarter (which excludes FAS 115 gains from Symetra's fixed maturity portfolio) was $73 million compared to $13 million in the third quarter of the prior year. Year-to-date, adjusted comprehensive net income was $306 million compared to $267 million in the same period last year.

    The following after-tax items impacted the quarter:
    * $98 million in losses from the four storms that impacted the Southeast.
      This amount includes a $14 million reduction in accrued profit
      commissions from Olympus Re, but does not include any impact on the
      Company's investments in Montpelier and Main Street America;
    * $34 million net increase on prior year reserves at OneBeacon;
    * $122 million in realized and unrealized investment gains (excluding $48
      million of equity in net unrealized gains from Symetra's fixed maturity
      portfolio);
    * $41 million gain on the Symetra transaction.

CEO Ray Barrette said, "The investment portfolio performed well in the quarter. The rally in the bond market certainly helped, but we also achieved excellent results in our equity portfolio in a quarter where the overall market declined. Storm losses and a reserve increase at OneBeacon produced a poor underwriting quarter but the underlying performances at both OneBeacon and White Mountains Re remain strong. In addition, Esurance continued its strong profitable growth while the investment in Symetra Financial introduced a new source of value creation."

The Company reported a net loss of $10 million for the quarter, compared to net income of $36 million in the prior year's third quarter. The reduction in net income is primarily due to the storm losses. Year-to-date, the Company reported net income of $254 million versus $222 million in the comparable period of the prior year. The transaction gains on the Sirius acquisition and the Symetra investment more than offset the storm losses.

OneBeacon

OneBeacon reported pre-tax income for the third quarter of 2004 of $35 million, compared to $25 million for the third quarter of 2003. For the first nine months of 2004, pre-tax income was $272 million, versus $300 million for the comparable period of 2003. The GAAP combined ratio was 109% for the third quarter and 100% for the first nine months of 2004 compared to 105% and 100% for the comparable periods of 2003. Net written premiums were up 18% and 28% for the quarter and year-to-date, respectively. The growth in premiums was primarily due to the Atlantic Specialty transaction.

John Cavoores, CEO of OneBeacon, said, "The 109% combined ratio in the quarter reflects the impact of the storms as well as a reserve increase in the runoff business. Pre-tax storm losses of $31 million were concentrated in our yacht book and on Atlantic Specialty commercial accounts. On the runoff front, we have strengthened our position by increasing reserves and creating a dedicated claim department to ensure specialized handling of these older, more complicated claims. All our businesses are running well and, with the combination of the Atlantic Specialty acquisition and the sale of the renewal rights for the legacy commercial business in New York, we fully expect our commercial business to reach our target returns."

White Mountains Re

White Mountains Re reported a pre-tax loss of $80 million for the third quarter of 2004, compared to pre-tax income of $21 million for the third quarter of 2003. For the first nine months of 2004, pre-tax income was $39 million versus $112 million in the comparable prior year period. The GAAP combined ratio for White Mountains Re was 122% for the third quarter of 2004 and 104% for the first nine months of 2004, compared to 97% and 96% in the comparable periods of 2003. Net written premiums were up 66% and 51% for the quarter and year-to-date, which reflects the impact of the Sirius acquisition.

Steve Fass, CEO of White Mountains Re, said, "It was a tough quarter in the reinsurance business. While the four hurricanes caused us $95 million of pre-tax cat losses, White Mountains Re's global risk management strategy enabled us to weather these storms within our expectations. We have seen some firming in prices in the market as a result of this extraordinary hurricane season. In addition, we recently announced the acquisition of Tryg-Baltica International by Sirius. This transaction demonstrates the smooth integration of Sirius into White Mountains Re and our ability to export our exit visa capabilities through our enhanced European platform."

Esurance

Esurance had pre-tax income of $1 million in the third quarter of 2004, compared to a pre-tax loss of $5 million in the third quarter of the prior year. The GAAP combined ratio was 101% in the third quarter of 2004, compared to 120% for the third quarter of the prior year. Net written premiums continue to grow rapidly, up 65% for the quarter to $55 million. The results and trends for the first nine months of 2004 were similar to those reported for the third quarter.

Gary Tolman, CEO of Esurance, stated, "In the third quarter, Esurance did well in terms of our key financials, despite weather-related losses. We added more than 9,000 new customers in the month of September and we now have over 100,000 customers. We continued to expand our business, entering Nevada's $1.3 billion auto insurance market, our 16th state. We also increased our advertising presence on radio and launched our new TV campaign, both of which seem to already have a nice impact on sales results."

Other Operations

White Mountains' other operations reported a pre-tax loss of $33 million for the third quarter of 2004, compared to a pre-tax loss of $4 million for the third quarter of 2003. For the first nine months of 2004, the segment reported a pre-tax loss of $180 million versus $90 million in the comparable period of 2003. The reported losses at the holding company level are principally the result of financing, purchase accounting and compensation expenses. The increased loss in the first nine months of 2004 relative to 2003 is the result of higher accruals for incentive compensation, a change in accounting for preferred stock and the impact currency fluctuations had on our hedging the cost of funding for the Sirius acquisition. In addition, the first nine months of 2003 included $37 million in gains related to the sale of several real estate properties at OneBeacon previously written-off under purchase accounting.

Investment Activities

The GAAP pre-tax total return on invested assets for the quarter was 3%. Year-to-date the total return was 4%. The equity portfolio return is 9% year- to-date.

John Gillespie, President of White Mountains Advisors, said, "The rally in the bond market clearly helped our results in the third quarter, but we also got a boost from our equity portfolio. Our performance in the fixed income sector this year has been consistent with the characteristics of our short duration, high quality portfolio. However, our equity results this year have been outstanding in what has been an otherwise unexciting market."

Net investment income was $83 million in the quarter and $248 million for the first nine months of 2004, up 24% and 13%, respectively, from the comparable periods of 2003. The increase is primarily due to the investment income earned on the invested assets acquired in the Sirius transaction.

Additional Information

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. The Company expects to file its Form 10-Q with the Securities and Exchange Commission on or before November 9, 2004 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.

Regulation G

This earnings release includes two non-GAAP financial measures that have been reconciled to their most comparable GAAP financial measures. White Mountains believes these measures to be more relevant than comparable GAAP measures in evaluating White Mountains' financial performance.

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

Fully converted tangible book value per share is a non-GAAP measure which is derived by expanding the GAAP book value per share calculation to include the effects of assumed conversion of all convertible securities and to exclude any unamortized goodwill and net unrealized gains from Symetra's fixed maturity portfolio. The reconciliation of fully converted tangible book value per share to book value per share is included on page 6.

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

The information contained in this earnings release may contain "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward- looking statements. These forward-looking statements include, among others, statements with respect to White Mountains':

    * growth in book value per share or return on equity;
    * business strategy;
    * financial and operating targets or plans;
    * incurred losses and the adequacy of its loss and loss adjustment expense
      reserves;
    * projections of revenues, income (or loss), earnings (or loss) per share,
      dividends, market share or other financial forecasts;
    * expansion and growth of 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 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)


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

       Fixed maturity investments, at
        fair value                        $7,562.1   $7,510.1     $6,248.1
       Short-term investments, at fair
        value                              1,839.2    1,464.9      1,546.6
       Common equity securities, at fair
        value                                989.1      887.0        513.6
       Other investments                     438.2      447.2        239.2

         Total investments                10,828.6   10,309.2      8,547.5

       Reinsurance recoverable on unpaid
        losses                             3,913.6    3,733.3      3,473.8
       Reinsurance recoverable on paid
        losses                                74.0      162.9        121.7
       Insurance and reinsurance
        premiums receivable                1,067.0      963.6        779.0
       Funds held by ceding companies        931.8      953.1        144.1
       Investment in unconsolidated
        insurance affiliates                 443.0      151.6        515.9
       Deferred acquisition costs            342.9      338.0        233.6
       Ceded unearned premiums               258.9      205.7        185.3

       Accounts receivable on unsettled
        investment sales                      91.1       76.7          9.1
       Other assets                          996.3    1,029.8        961.0

         Total assets                    $18,947.2  $17,923.9    $14,971.0

       Liabilities

       Loss and loss adjustment expense
        reserves                          $9,533.9   $9,329.1     $7,728.2
       Reserves for structured contracts     400.1      401.0           -
       Unearned insurance and
        reinsurance premiums               1,926.0    1,824.5      1,409.4
       Debt                                  793.6      824.3        743.0
       Accounts payable on unsettled
        investment purchases                 509.2       67.2        371.6
       Preferred stock subject to
        mandatory redemption                 207.1      202.7        194.5
       Funds held under reinsurance
        treaties                             160.0      187.5        211.9
       Ceded reinsurance payable             131.5      124.1        127.7
       Other liabilities                   1,649.9    1,450.3      1,205.5

         Total liabilities                15,311.3   14,410.7     11,991.8

       Common Shareholders' Equity

       Common shares and paid-in surplus   1,719.2    1,717.7      1,407.1
       Retained earnings                   1,531.2    1,541.3      1,286.4
       Accumulated other comprehensive
        income, after tax:
        Unrealized gains on investments      329.1      245.8        286.0
        Equity in net unrealized gains
         from Symetra's fixed maturity
         portfolio                            48.1         -            -
        Unrealized foreign currency
         translation gains (losses)            8.3        8.4          (.3)

         Total common shareholders'
          equity                           3,635.9    3,513.2      2,979.2

       Total liabilities and common
        shareholders' equity             $18,947.2  $17,923.9    $14,971.0

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


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

                                      September    June   December  September
                                             30,     30,        31,        30,
                                           2004    2004       2003       2003
      Book value per share numerators
       (in millions):
      Common shareholders' equity      $3,635.9  $3,513.2  $2,979.2  $2,882.5
        Proceeds from assumed exercise
         of outstanding warrants              -         -     300.0     300.0
        Benefits to be received from
         share obligations under
         employee benefit plans             7.1       8.4       7.0       7.5
        Remaining adjustment of
         subsidiary preferred stock to
         face value                      (112.9)   (117.3)   (125.5)   (129.1)
      Book value per share numerator    3,530.1   3,404.3   3,160.7   3,060.9
        Less: Equity in net unrealized
         gains from Symetra's fixed
         maturity portfolio               (48.1)        -         -         -
        Less: Goodwill of consolidated
         limited partnership
         investments                      (20.0)    (19.7)    (20.3)    (17.8)
      Fully converted tangible book
       value per common and equivalent
       share numerator                 $3,462.0  $3,384.6  $3,140.4  $3,043.1

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

      Book value per share              $326.28   $314.65   $293.15   $283.90
      Fully converted tangible book
       value per common and equivalent
       share                            $319.98   $312.82   $291.27   $282.24


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

                                   Three Months Ended      Nine Months Ended
                                      September 30,           September 30,
                                    2004        2003       2004          2003
     Revenues:
      Earned insurance and
       reinsurance premiums       $992.3      $788.2   $2,821.4      $2,346.4
      Net investment income         83.4        67.5      247.6         219.1
      Net realized gains
       (losses) on investments      53.6       (34.2)     109.8         114.0
      Other revenue                 34.3        90.1      126.1         163.0

        Total revenues           1,163.6       911.6    3,304.9       2,842.5
     Expenses:
      Loss and loss adjustment
       expenses                    787.8       600.5    1,934.5       1,634.5
      Insurance and reinsurance
       acquisition expenses        203.6       153.9      544.3         460.7
      Other underwriting
       expenses                    137.5        65.2      387.6         250.7
      General and
       administrative expenses      78.4        23.5      202.4         103.5
      Accretion of fair value
       adjustment to loss and
       loss adjustment expense
       reserves                     10.2        10.1       33.1          38.5
      Interest expense on debt      12.2        11.0       35.6          37.1
      Interest expense -
       dividends on preferred
       stock subject to
       mandatory redemption          7.5         7.6       22.7           7.6
      Interest expense -
       accretion on preferred
       stock subject to
       mandatory redemption          4.5         3.4       12.6           3.4

        Total expenses           1,241.7       875.2    3,172.8       2,536.0

     Pretax income (loss)          (78.1)       36.4      132.1         306.5

      Tax benefit (provision)       23.6       (14.4)     (65.7)       (105.2)

     Net income (loss) before
      minority interest, equity
      in earnings of
        unconsolidated
         affiliates and
         extraordinary item        (54.5)       22.0       66.4         201.3

      Accretion of subsidiary
       preferred stock to face
       value                           -           -          -          (6.4)
      Dividends on subsidiary
       preferred stock                 -           -          -         (15.1)
      Equity in earnings of
       unconsolidated insurance
       affiliates                    3.7        13.6       26.8          42.3

     Net income (loss) before
      extraordinary item           (50.8)       35.6       93.2         222.1

      Excess of fair value of
       acquired net assets over
       cost                         40.7           -      160.7             -

     Net income (loss)             (10.1)       35.6      253.9         222.1

      Change in net unrealized
       gains on investments        131.4       (22.3)      91.2          44.0
      Change in net foreign
       currency gains and
       losses                        (.1)        (.5)       8.6           1.1

     Comprehensive net income      121.2        12.8      353.7         267.2

      Less: Change in net
       unrealized gains from
       Symetra's fixed maturity
       portfolio                   (48.1)          -      (48.1)            -

     Adjusted comprehensive net
      income                       $73.1       $12.8     $305.6        $267.2

     Computation of net income
      (loss) available to
      common shareholders:
       Net income (loss)          $(10.1)      $35.6     $253.9        $222.1
       Redemption value
        adjustment -
        convertible preference
        shares                         -           -          -         (49.5)
     Net income (loss)
      available to common
      shareholders                $(10.1)      $35.6     $253.9        $172.6

     Basic earnings per share:

       Net income (loss) before
        extraordinary item        $(4.72)      $3.96      $9.70        $19.99
       Net income (loss)            (.94)       3.96      26.41         19.99

     Diluted earnings per
      share:

       Net income (loss) before
        extraordinary item        $(4.72)      $3.50      $8.93        $17.89
       Net income (loss)            (.94)       3.50      24.44         17.89


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

     For the Nine Months Ended September 30, 2004

                                 OneBeacon  WM Re  Esurance   Other    Total
       Revenues:
         Earned insurance and
          reinsurance premiums    $1,794.5  $903.4  $123.5      $-   $2,821.4
         Net investment income       161.7    60.2     2.2     23.5     247.6
         Net realized gains on
          investments                107.0     9.0     0.6     (6.8)    109.8
         Other revenue                93.0    23.0     1.3      8.8     126.1

           Total revenues          2,156.2   995.6   127.6     25.5   3,304.9
       Expenses:
         Loss and loss adjustment
          expenses                 1,180.2   655.3    89.0     10.0   1,934.5
         Insurance and
          reinsurance acquisition
          expenses                   328.1   197.2    19.0       -      544.3
         Other underwriting
          expenses                   284.0    83.1    19.2      1.3     387.6
         General and
          administrative expenses     90.8    11.6     0.3     99.7     202.4
         Accretion of fair value
          adjustment to loss and
          lae reserves                  -      6.4      -      26.7      33.1
         Interest expense on debt      0.7     2.7      -      32.2      35.6
         Interest expense  -
          dividends and accretion
          on preferred stock
           subject to mandatory
            redemption                  -       -       -      35.3      35.3

           Total expenses          1,883.8   956.3   127.5    205.2   3,172.8

       Pretax income (loss)         $272.4   $39.3    $0.1  $(179.7)   $132.1


     For the Nine Months Ended September 30, 2003

                                  OneBeacon  WM Re  Esurance Other    Total
       Revenues:
         Earned insurance and
          reinsurance premiums     $1,643.4  $611.3   $68.3   $23.4  $2,346.4
         Net investment income        166.5    37.0     1.1    14.5     219.1
         Net realized gains on
          investments                 112.2     4.9      -     (3.1)    114.0
         Other revenue                 64.7    56.7     0.2    41.4     163.0

           Total revenues           1,986.8   709.9    69.6    76.2   2,842.5
       Expenses:
         Loss and loss adjustment
          expenses                  1,157.2   401.9    56.9    18.5   1,634.5
         Insurance and reinsurance
          acquisition expenses        301.8   142.8    13.2     2.9     460.7
         Other underwriting
          expenses                    186.8    41.1    14.9     7.9     250.7
         General and
          administrative expenses      41.1    11.1      -     51.3     103.5
         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                   -       -       -     11.0      11.0

           Total expenses           1,686.9   598.4    85.0   165.7   2,536.0

       Pretax income (loss)          $299.9  $111.5  $(15.4) $(89.5)   $306.5


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


     For the Three Months Ended September 30, 2004


                                    OneBeacon  WM Re  Esurance  Other    Total
        Revenues:
          Earned insurance and
           reinsurance premiums        $600.1  $345.9  $46.4   $(0.1)  $992.3
          Net investment income          52.3    18.6    0.9    11.6     83.4
          Net realized gains on
           investments                   36.1    (3.4)   0.2    20.7     53.6
          Other revenue                  29.1   (10.4)   0.8    14.8     34.3

            Total revenues              717.6   350.7   48.3    47.0  1,163.6
        Expenses:
          Loss and loss adjustment
           expenses                     441.9   305.3   31.6     9.0    787.8
          Insurance and reinsurance
           acquisition expenses         111.7    83.5    8.4      -     203.6
          Other underwriting expenses    97.7    32.2    7.1     0.5    137.5
          General and administrative
           expenses                      31.5     5.1    0.3    41.5     78.4
          Accretion of fair value
           adjustment to loss and lae
           reserves                        -      3.7     -      6.5     10.2
          Interest expense on debt        0.3     1.0     -     10.9     12.2
          Interest expense  -
           dividends and accretion on
           preferred stock
            subject to mandatory
             redemption                    -       -      -     12.0     12.0

            Total expenses              683.1   430.8   47.4    80.4  1,241.7

        Pretax income (loss)            $34.5  $(80.1)  $0.9  $(33.4)  $(78.1)


     For the Three Months Ended
      September 30, 2003

                                    OneBeacon  WM Re  Esurance  Other    Total
        Revenues:
          Earned insurance and
           reinsurance premiums        $536.5  $216.5  $26.9    $8.3   $788.2
          Net investment income          46.5    11.3    0.5     9.2     67.5
          Net realized gains on
           investments                  (17.1)   (8.9)  (0.5)   (7.7)   (34.2)
          Other revenue                  32.5    19.3    0.1    38.2     90.1

            Total revenues              598.4   238.2   27.0    48.0    911.6
        Expenses:
          Loss and loss adjustment
           expenses                     423.5   147.9   22.1     7.0    600.5
          Insurance and reinsurance
           acquisition expenses          98.9    48.7    5.2     1.1    153.9
          Other underwriting expenses    42.8    14.6    5.1     2.7     65.2
          General and administrative
           expenses                       8.1     5.6     -      9.8     23.5
          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                    -       -      -     11.0     11.0

            Total expenses              573.3   217.3   32.4    52.2    875.2

        Pretax income (loss)            $25.1   $20.9  $(5.4)  $(4.2)   $36.4


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

    Nine Months Ended
     September 30, 2004              OneBeacon
                                                Com-
                          Specialty Personal  mercial Total (1) WM Re Esurance
    GAAP Ratios
    Loss and LAE                59%     60%     60%       66%     73%     72%
    Expense                     30%     32%     40%       34%     31%     31%
         Total Combined         89%     92%    100%      100%    104%    103%
    Dollars in millions
    Net written premiums     $647.6  $559.9  $676.3  $1,941.7  $995.7  $144.0
    Earned premiums          $606.3  $540.1  $530.8  $1,794.5  $903.4  $123.5

    Nine Months Ended
     September 30, 2003
                                     OneBeacon
                                                Com-
                          Specialty Personal  mercial Total (1) WM Re Esurance
    GAAP Ratios
    Loss and LAE                55%     66%     63%       70%     66%     83%
    Expense                     31%     22%     33%       30%     30%     41%



         Total Combined         86%     88%     96%      100%     96%    124%
    Dollars in millions
    Net written premiums     $552.6  $515.5  $328.1  $1,519.5  $660.3   $83.4
    Earned premiums          $516.2  $565.0  $320.9  $1,643.4  $611.3   $68.3

    Three Months Ended
     September 30, 2004

                                        OneBeacon
                                                Com-
                          Specialty Personal  mercial  Total(1) WM Re Esurance
    GAAP Ratios
    Loss and LAE                   75%     64%     61%     74%     88%    68%
    Expense                        32%     28%     39%     35%     34%    33%
         Total Combined           107%     92%    100%    109%    122%   101%
    Dollars in millions
    Net written premiums        $227.4  $217.1  $167.5  $638.2  $377.5  $54.7
    Earned premiums             $193.2  $199.0  $171.8  $600.1  $345.9  $46.4

    Three Months Ended
     September 30, 2003
                                           OneBeacon
                                                Com-
                          Specialty Personal  mercial Total (1) WM Re Esurance
    GAAP Ratios
    Loss and LAE                   60%     58%     61%     79%     68%    82%
    Expense                        27%     11%     30%     26%     29%    38%
         Total Combined            87%     69%     91%    105%     97%   120%
    Dollars in millions
    Net written premiums        $223.6  $183.2   $95.7  $541.0  $226.8  $33.2
    Earned premiums             $186.9  $186.0  $105.8  $536.5  $216.5  $26.9


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

SOURCE  White Mountains Insurance Group, Ltd.
    -0-                             10/29/2004
    /CONTACT:  David Foy of White Mountains Insurance Group, Ltd.,
+1-203-453-1681/
    (WTM)

CO:  White Mountains Insurance Group, Ltd.
ST:  Bermuda
IN:  INS FIN
SU:  ERN

NJ 
-- NEF007 --
4842 10/29/2004 08:00 EDT http://www.prnewswire.com
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