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White Mountains' Tangible Book Value Per Share Increases 4% to $359 in the Second Quarter

HAMILTON, Bermuda, July 29 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM, Bermuda: WTM) ended the second quarter of 2005 with a fully converted tangible book value per share of $359, an increase of 4% for the quarter and 16% for the past twelve months, including dividends.

CEO Ray Barrette said, "We had a good quarter with solid underwriting results. OneBeacon continues to run at a good, mid-90's combined ratio, and White Mountains Re came in at 88% in a light quarter for catastrophes. Esurance continues to grow rapidly while maintaining a loss ratio in the 60's. Investment results were good, although they were held back by the strength of the dollar. Equity returns were outstanding."

Adjusted comprehensive net income for the quarter was $136 million, compared to $38 million in the second quarter of 2004, while for the first six months adjusted comprehensive net income was $211 million, down from $233 million in the comparable period of last year. Relative to last year, investment results were much better in the quarter and essentially in line for the six months. Unrealized currency losses penalized both the quarterly and six month results, while last year's second quarter benefited from a $111 million transaction gain from the Sirius acquisition.

Net income for the quarter was $147 million, down from $169 million in the second quarter of 2004, which included the Sirius transaction gain. Net income for the first six months of 2005 was $323 million, including $56 million after tax ($74 million pre-tax) from a special dividend from Montpelier received in the first quarter, up 22% over the first six months of last year.

In June, the Company was advised that the Joint Committee on Taxation approved the IRS audit of the Company's 1997-2000 tax years, which contained no significant adjustments to the tax returns filed by the Company. This audit included the redomestication of the Company to Bermuda in 1999.

OneBeacon

OneBeacon's pre-tax income for the second quarter of 2005 was $121 million, up 27% from $95 million for the second quarter of 2004. For the first six months of 2005, pre-tax income was $281 million, up 18% from $238 million for the comparable period of 2004. The GAAP combined ratio was 95% for both the quarter and six months, essentially in line with the comparable periods in the prior year. Net written premiums were down 9% in the quarter and 17% for the six months. The decline in premium volume was partially due to the sale of the renewal rights for OneBeacon's legacy New York commercial business and the one-time premium increase in 2004 from the assumption of unearned premiums in the Atlantic Specialty acquisition.

During the second quarter, OneBeacon completed an internal study of its asbestos and environmental (A&E) exposures. Based on the study, OneBeacon increased its best estimate of incurred losses ceded to National Indemnity Company (NICO) by $353 million, net of underlying reinsurance ($841 million gross), to $2.1 billion, still well within the $2.5 billion limit provided by the NICO Cover. OneBeacon estimates that the range of reasonable outcomes around its best estimate is $1.7 billion to $2.4 billion, versus a range of $1.5 billion to $2.4 billion from the 2003 A&E study. Due to the NICO Cover, there was no impact to income or equity from the change in estimate.

Mike Miller, recently elected CEO of OneBeacon said, "Our underwriting results were solid again in the second quarter, with all three of our business units -- specialty, personal, and commercial -- producing combined ratios in the low-to-mid 90's. Importantly, our pricing continues to be adequate, albeit on a shrinking premium volume. The A&E study was a thorough review conducted by a cross-functional team including actuarial, claims, legal, finance, reinsurance and audit, and the methodology was reviewed with outside actuaries. The results reaffirm our conviction that the NICO Cover is adequate."

White Mountains Re

Pre-tax income for White Mountains Re was $89 million for the second quarter of 2005, up 24% from $72 million for the second quarter of 2004. For the first six months of 2005, pre-tax income was $143 million, up 20% from $119 million in the comparable prior year period. The GAAP combined ratio was 88% for the second quarter and 94% for the first six months of 2005, compared to 92% in each of the comparable periods of 2004. Net written premiums were down 31% for the quarter, primarily from a one-time change in written premium estimation methodology at Sirius in the prior year's second quarter. For the first six months of the year, premiums are up 14% reflecting the acquisition of Sirius in last year's second quarter.

Steve Fass, CEO of White Mountains Re, said, "I am pleased with our results so far in 2005. We were hit in the first quarter by European storm Erwin, but catastrophe losses were low in the second quarter. In addition, we benefited from a one-time reduction in ceded reinsurance premiums of $14 million in the quarter. We also experienced about $11 million of adverse development on hurricane Ivan claims in the quarter. We do not expect to have any material losses from hurricanes Dennis and Emily or the London bombings. Overall, we see softness in the reinsurance market, which is causing us to non-renew some business, but we believe prices on our book are adequate."

Esurance

Esurance had pre-tax income of $1 million in the second quarter and $3 million for the first six months of 2005, compared to a $1 million loss in both of the comparable periods of 2004. The GAAP combined ratio was 104% for both the quarter and six months, consistent with prior year performance. Net written premiums are up 71% and 72% for the quarter and six months, respectively, from the comparable periods of 2004.

Gary Tolman, CEO of Esurance, stated, "Our premium volume continues to come in well above prior year levels with excellent loss ratios. We are continuing to invest in growing our book, which I believe is adding significantly to our intrinsic business value. In the second quarter, our expansion continued with our entry into Tennessee. We are already seeing the positive impact of our first quarter launch in New Jersey, with that state rising to our 6th largest in terms of new business sales for the second quarter."

Other Operations

White Mountains' Other Operations segment reported a pre-tax loss of $18 million for the second quarter of 2005, compared to a pre-tax loss of $70 million for the second quarter of 2004. For the first six months of 2005 the segment reported a pre-tax loss of $11 million versus a loss of $146 million in the comparable period of 2004. The favorable results for 2005 reflect the benefit of the special dividend from Montpelier Re received in the first quarter of 2005, as well as several other smaller items.

Investment Activities

John Gillespie, President of White Mountains Advisors, said, "The bond market and dollar both rallied in the second quarter. While our fixed income results benefited from the bond market rally, the stronger dollar held our results back due to our exposure to the Swedish krona. Our equity results in 2005, however, continue to significantly outperform the S&P 500."

The GAAP total return on invested assets for the quarter was 1%. For the first six months it was 1.4%. Net investment income was $105 million in the quarter, up 12% from the second quarter of 2004, and $279 million for the first six months, up 70% from the prior period, primarily due to the Montpelier special dividend mentioned above.

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 1, 2005 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.

Regulation G

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

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

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

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

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

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

These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:

     * claims arising from catastrophic events, such as hurricanes,
       earthquakes, floods or terrorist attacks;
     * the continued availability of capital and financing;
     * general economic, market or business conditions;
     * business opportunities (or lack thereof) that may be presented to it
       and pursued;
     * competitive forces, including the conduct of other property and
       casualty insurers and reinsurers;
     * changes in domestic or foreign laws or regulations, or their
       interpretation, applicable to White Mountains, its competitors or its
       clients;
     * an economic downturn or other economic conditions adversely affecting
       its financial position;
     * recorded loss reserves subsequently proving to have been inadequate;
     * other factors, most of which are beyond White Mountains' control.

Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to 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, June 30,
                                              2005       2004       2004
        Assets

        Fixed maturity investments          $7,760.4   $7,900.0   $7,510.1
        Short-term investments                 773.1    1,058.2    1,464.9
        Common equity securities             1,024.4    1,043.9      887.0
        Other investments                      533.3      527.4      447.2

          Total investments                 10,091.2   10,529.5   10,309.2

        Reinsurance recoverable on unpaid
         losses                              4,403.5    3,797.4    3,733.3
        Reinsurance recoverable on paid
         losses                                116.3       92.0      162.9
        Funds held by ceding companies         735.3      943.8      953.1
        Insurance and reinsurance premiums
         receivable                            981.9      942.2      963.6
        Securities lending collateral          564.6      593.3      757.6
        Investment in unconsolidated
         insurance affiliates                  531.2      466.6      151.6
        Deferred acquisition costs             313.0      308.2      338.0
        Ceded unearned premiums                241.9      224.1      205.7
        Accounts receivable on unsettled
         investment sales                       19.5       19.9       76.7
        Other assets                         1,186.3    1,098.1    1,029.8

          Total assets                     $19,184.7  $19,015.1  $18,681.5

        Liabilities

        Loss and loss adjustment expense
         reserves                           $9,535.8   $9,398.5   $9,329.1
        Reserves for structured contracts      278.2      375.9      401.0
        Unearned insurance and reinsurance
         premiums                            1,759.0    1,739.4    1,824.5
        Debt                                   777.6      783.3      824.3
        Securities lending payable             564.6      593.3      757.6
        Preferred stock subject to
         mandatory redemption                  222.2      211.9      202.7
        Ceded reinsurance payable              202.6      201.4      124.1
        Funds held under reinsurance
         treaties                              170.4      155.4      187.5
        Accounts payable on unsettled
         investment purchases                   95.7       30.9       67.2
        Other liabilities                    1,486.8    1,641.2    1,450.3

          Total liabilities                 15,092.9   15,131.2   15,168.3

        Common Shareholders' Equity

        Common shares and paid-in surplus    1,727.2    1,725.8    1,717.7
        Retained earnings                    1,975.9    1,695.9    1,541.3
        Accumulated other comprehensive
         income, after tax:
         Net unrealized gains on
          investments                          315.5      359.5      245.8
         Equity in net unrealized gains
          from Symetra's fixed maturity
          portfolio                             95.7       56.6          -
         Net unrealized foreign currency
          translation gains (losses) and
          other                                (22.5)      46.1        8.4
          Total common shareholders'
           equity                            4,091.8    3,883.9    3,513.2

        Total liabilities and common
         shareholders' equity              $19,184.7  $19,015.1  $18,681.5

        Common shares outstanding (000's)     10,774     10,773     10,769
        Common and equivalent shares
         outstanding (000's)                  10,819     10,819     10,819



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


                                       June 30, March 31,  Dec. 31,  June 30,
                                         2005      2005      2004      2004
    Book value per share numerators
     (in millions):

    Common shareholders' equity        $4,091.8  $3,912.5  $3,883.9  $3,513.2
      Benefits to be received from
       share obligations under
       employee benefit plans               6.6       6.5       6.7       8.4
      Remaining adjustment of
       subsidiary preferred stock to
       face value                         (97.8)   (103.1)   (108.1)   (117.3)
    Book value per share numerator      4,000.6   3,815.9   3,782.5   3,404.3
      Less: Equity in net unrealized
       gains from Symetra's fixed
       maturity portfolio                 (95.7)    (32.1)    (56.6)       -
      Less: Goodwill of consolidated
       limited partnership investments    (19.7)    (19.8)    (20.0)    (19.7)
    Fully converted tangible book
     value per common and equivalent
     share numerator                   $3,885.2  $3,764.0  $3,705.9  $3,384.6

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

    Common Shares outstanding          10,774.3  10,774.6  10,772.8  10,769.4
      Share obligations under employee
       benefits plans                      44.7      44.7      46.5      50.0
    Fully converted tangible book
     value per common and equivalent
     share denominator                 10,819.0  10,819.3  10,819.3  10,819.4

    Book value per common and
     equivalent share                   $369.78   $352.69   $349.60   $314.65
    Fully converted tangible book
     value per common and equivalent
     share                              $359.11   $347.89   $342.52   $312.82



                    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,
                                        2005      2004       2005     2004
    Revenues:
      Earned insurance and
       reinsurance premiums             $943.4    $997.2   $1,898.4 $1,829.1
      Net investment income              104.6      93.2      278.5    164.2
      Net realized investment
       gains (losses)                     63.3      (5.6)     100.4     56.2
      Other revenue                       59.6      34.3      118.9     91.8

        Total revenues                 1,170.9   1,119.1    2,396.2  2,141.3
    Expenses:
      Loss and loss adjustment
       expenses                          570.2     623.4    1,189.5  1,146.7
      Insurance and reinsurance
       acquisition expenses              184.1     184.0      373.2    341.6
      Other underwriting expenses        128.3     136.1      250.5    249.2
      General and administrative expenses 61.5      42.3       99.2    124.0
      Accretion of fair value adjustment
       to loss and loss adjustment expense
       reserves                            9.1      12.8       19.0     22.9
    Interest expense on debt              11.7      12.1       23.3     23.4
    Interest expense - dividends on
     preferred stock subject to
     mandatory redemption                  7.5       7.6       15.1     15.2
    Interest expense - accretion on
     preferred stock subject
     to mandatory redemption               5.4       4.2       10.4      8.1

        Total expenses                   977.8   1,022.5    1,980.2  1,931.1

    Pretax income                        193.1      96.6      416.0    210.2

      Income tax provision               (55.4)    (44.4)    (111.7)   (89.3)

    Net income before equity in
     earnings of unconsolidated
     affiliates and extraordinary item   137.7      52.2      304.3    120.9

      Equity in earnings of unconsolidated
       insurance affiliates                9.1       4.9       18.8     23.1

    Net income before
     extraordinary item                  146.8      57.1      323.1    144.0

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

    Net income                           146.8     168.5      323.1    264.0

      Change in net unrealized gains
       on investments                     96.5    (138.9)      (4.9)   (40.2)
      Change in foreign currency
       translation                       (44.0)      8.8      (68.6)     8.7

    Comprehensive net income             199.3      38.4      249.6    232.5

      Deduct: Change in net unrealized
       gains from Symetra's fixed
       maturity portfolio                (63.6)        -      (39.1)       -

    Adjusted comprehensive net income   $135.7     $38.4     $210.5   $232.5

    Basic earnings per share:

      Net income before extraordinary
       item                              $13.64     $6.30     $30.03   $15.93
      Net income                          13.64     18.59      30.03    29.20

    Diluted earnings per share:

      Net income before extraordinary
       item                              $13.64     $5.56     $29.94   $14.11
      Net income                          13.64     16.45      29.94    25.93

    Dividends per share                   $2.00        $-      $4.00    $1.00



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

     For the Six Months Ended June 30, 2005

                                   OneBeacon  WM Re  Esurance  Other   Total
       Revenues:
         Earned insurance and
          reinsurance premiums      $1,084.9  $680.5  $131.2   $1.8  $1,898.4
         Net investment income         137.3    70.2     4.2   66.8     278.5
         Net realized investment
          gains (losses)                86.6    18.5     2.2   (6.9)    100.4
         Other revenue                  44.4    27.6     1.5   45.4     118.9

           Total revenues            1,353.2   796.8   139.1  107.1   2,396.2
       Expenses:
         Loss and loss adjustment
          expenses                     664.3   436.6    86.9    1.7   1,189.5
         Insurance and reinsurance
          acquisition expenses         197.8   141.2    34.1    0.1     373.2
         Other underwriting
          expenses                     172.3    62.2    15.1    0.9     250.5
         General and administrative
          expenses                      37.2     6.3    (0.1)  55.8      99.2
         Accretion of fair value
          adjustment to loss and
          lae reserves                    -      6.0      -    13.0      19.0
         Interest expense on debt        0.7     1.1      -    21.5      23.3
         Interest expense  -
          dividends and accretion
          on preferred stock
           subject to mandatory
            redemption                    -       -       -    25.5      25.5

           Total expenses            1,072.3   653.4   136.0  118.5   1,980.2



       Pretax income (loss)           $280.9  $143.4    $3.1 $(11.4)   $416.0

     For the Six Months Ended June 30, 2004

                               OneBeacon  WM Re  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
          investment gains
          (losses)                  70.9    12.4    0.4    (27.5)     56.2
         Other revenue              63.9    33.4    0.5     (6.0)     91.8

           Total revenues        1,438.6   644.9   79.3    (21.5)  2,141.3
       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   11.5       -      341.6
         Other underwriting
          expenses                 186.3    50.9   11.2      0.8     249.2
         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   80.1    124.8   1,931.1

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



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

     For the Three Months Ended June 30, 2005


                                      OneBeacon  WM Re Esurance  Other  Total
        Revenues:
          Earned insurance and
           reinsurance premiums          $539.5  $330.8  $71.3   $1.8   $943.4
          Net investment income            49.5    38.3    2.1   14.7    104.6
          Net realized investment gains
           (losses)                        40.8    10.6    1.2   10.7     63.3
          Other revenue                    27.8     7.8    0.6   23.4     59.6

            Total revenues                657.6   387.5   75.2   50.6  1,170.9
        Expenses:
          Loss and loss adjustment
           expenses                       325.7   197.5   46.0    1.0    570.2
          Insurance and reinsurance
           acquisition expenses            97.7    65.8   20.5    0.1    184.1
          Other underwriting expenses      91.5    28.6    7.6    0.6    128.3
          General and administrative
           expenses                        20.9     4.0   (0.1)  36.7     61.5
          Accretion of fair value
           adjustment to loss and lae
           reserves                          -      2.6     -     6.5      9.1
          Interest expense on debt          0.4     0.5     -    10.8     11.7
          Interest expense  - dividends
           and accretion on preferred
           stock
            subject to mandatory
             redemption                      -       -      -    12.9     12.9

            Total expenses                536.2   299.0   74.0   68.6    977.8



       Pretax income (loss)              $121.4   $88.5   $1.2 $(18.0)  $193.1

     For the Three Months Ended June 30, 2004


                                 OneBeacon   WM Re 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 investment
          gains (losses)               3.2     8.7   (0.1)  (17.4)    (5.6)
         Other revenue                19.9    12.8    0.3     1.3     34.3

           Total revenues            683.8   404.6   42.5   (11.8) 1,119.1
       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    6.0     0.3    136.1
         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   43.3    57.9  1,022.5

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



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


    Six Months Ended June 30, 2005
                                       OneBeacon              WM Re  Esurance
                          Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE               56%     60%     56%       61%     64%     66%
    Expense                    32%     33%     42%       34%     30%     38%
         Total Combined        88%     93%     98%       95%     94%    104%
    Dollars in millions
    Net written premiums    $427.0  $320.8  $306.3  $1,078.5  $705.1  $153.6
    Earned premiums         $406.6  $337.2  $314.5  $1,084.9  $680.5  $131.2


    Six Months Ended June 30, 2004
                                       OneBeacon               WM Re  Esurance
                          Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE               52%     60%     58%       62%     63%     75%
    Expense                    29%     32%     41%       34%     29%     29%
         Total Combined        81%     92%     99%       96%     92%    104%
    Dollars in millions
    Net written premiums    $420.2  $342.8  $508.8  $1,303.5  $618.2   $89.5
    Earned premiums         $413.0  $341.1  $358.9  $1,194.4  $557.5   $77.1


    Three Months Ended June 30, 2005
                                       OneBeacon              WM Re   Esurance
                              Specialty Personal Commercial Total(1)
    GAAP Ratios
    Loss and LAE                59%     58%     54%     60%     60%      64%
    Expense                     35%     33%     41%     35%     28%      40%
         Total Combined         94%     91%     95%     95%     88%     104%
    Dollars in millions
    Net written premiums     $210.3  $165.6  $170.2  $558.6  $285.7    $76.1
    Earned premiums          $203.1  $166.7  $155.7  $539.5  $330.8    $71.3


    Three Months Ended June 30, 2004
                                       OneBeacon              WM Re  Esurance
                              Specialty Personal Commercial Total(1)

    GAAP Ratios
    Loss and LAE                 56%     54%     55%     61%     63%    75%
    Expense                      28%     34%     43%     34%     29%    30%
         Total Combined          84%     88%     98%     95%     92%   105%
    Dollars in millions
    Net written premiums      $206.9  $182.5  $192.3  $612.6  $414.8  $44.5
    Earned premiums           $202.2  $171.9  $179.5  $602.7  $353.0  $41.4



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

SOURCE White Mountains Insurance Group, Ltd.
07/29/2005

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

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

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