White Mountains Book Value Per Share up Slightly to $282
HAMILTON, Bermuda, Oct 30, 2003 /PRNewswire via COMTEX/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ended the third quarter of 2003 with a fully converted tangible book value per share of $282, up slightly from the second quarter of 2003 and up 9% from $259 at year-end 2002.
The following after-tax items impacted book value per share in the third quarter of 2003:
-- $65 million net reserve increase primarily for construction defect
claims as part of the review of all claims recalled from Liberty Mutual
by OneBeacon;
-- $20 million release of a liability for New York assigned risks at
OneBeacon as future assignments have been mitigated by our successful
LAD operation, AutoOne;
-- $47 million in realized and unrealized investment losses, compared to
realized and unrealized gains of $168 million in last year's third
quarter;
-- $29 million in gains on the sale of several real estate properties at
OneBeacon previously written-off under purchase accounting.
Pre-tax income was $308 million for the first nine months of 2003, well above the $60 million for the comparable prior year period. This was primarily due to the underwriting results at OneBeacon and Folksamerica, as the GAAP combined ratios for the first nine months of 2003 of these businesses improved by 9 and 8 points, respectively, over the first nine months of 2002. Pre-tax income for the third quarter was $38 million, which was lower than the $82 million reported in last year's third quarter primarily due to realized losses in the bond portfolio.
CEO Ray Barrette said, "Our excellent underwriting performance continued at both OneBeacon and Folksamerica in the third quarter. In addition, Montpelier had another great quarter. We fine-tuned our reserves and other balance sheet accounts after a thorough review of all claims recalled from Liberty Mutual. Our book value growth was impacted by the reserve adjustment and the recent losses in our bond portfolio, but remains on target through the first nine months. Our investment team is doing a fine job navigating through turbulent times in the markets."
OneBeacon
OneBeacon's pre-tax income for the third quarter of 2003 was $28 million, which included $18 million in net realized investment losses, compared to pre- tax income of $99 million for the third quarter of 2002, which included $84 million in net realized investment gains. The GAAP combined ratio was 103% for the third quarter of 2003 compared to 108% for the third quarter of 2002. OneBeacon's 2003 results include the reserve increase for construction defect claims and the release of the New York assigned risk liability, which are mentioned above.
For the first nine months of 2003, OneBeacon's pre-tax income was $309 million with a GAAP combined ratio of 99%. For the comparable period of 2002, pre-tax income was $140 million with a GAAP combined ratio of 108%. Net realized investment gains were $112 million for the first nine months of 2003, versus $99 million in the comparable period of 2002.
John Cavoores, President and CEO of OneBeacon, said, "I am very pleased with our underwriting performance so far this year. For the first nine months our GAAP combined ratio for our core operations was 89% and our overall GAAP combined was 99%. All three of our core businesses -- personal, commercial, and specialty - are delivering combined ratios below 100%. Our core premiums are growing for the first time since the acquisition and we have excellent growth prospects as many competitors are hobbled by their weak balance sheets. Our non-core business continues to disappear as the quota share arrangement with Liberty expires on October 31 and we did not exercise our option to take a 10% quota share for the next three years."
Net written premiums for the third quarter of 2003 were $560 million, down from $635 million in the third quarter of 2002. Net written premiums on core operations, which are comprised of personal and commercial lines business in the Northeast and specialty business, were $521 million in the quarter compared to $510 million in the third quarter of 2002. Net written premiums for the first nine months of 2003 were $1.5 billion, down from $2.0 billion in the first nine months of 2002. Net written premiums on core operations were $1.4 billion in the first nine months of 2003, compared to $1.6 billion in the first nine months of 2002.
Reinsurance
Pre-tax income for White Mountains' Reinsurance segment was $20 million for the third quarter of 2003, compared to $69 million for the third quarter of 2002. The lower amount was primarily due to $15 million in net realized investment losses in this quarter, compared to $66 million in net realized investment gains in last year's third quarter. For the first nine months of 2003 pre-tax income was $127 million, versus $120 million in the comparable prior year period. Pre-tax income included net realized investment gains of $10 million in the first nine months of 2003, versus $63 million in the comparable period of 2002.
Folksamerica's GAAP combined ratio was 96% in the third quarter of 2003, compared to 107% in the third quarter of 2002. Folksamerica's net written premiums increased 33% from the third quarter of 2002 to the third quarter of 2003, while gross written premiums increased 56%. Folksamerica's GAAP combined ratio was 95% for the first nine months of 2003, compared to 103% for the first nine months of 2002. Net written premiums increased 39% from the first nine months of 2002 to the first nine months of 2003, while gross written premiums increased 56%.
On October 3, 2003, Folksamerica announced that it had acquired the renewal rights to the property and casualty treaty business of CNA Re.
Steve Fass, CEO of Folksamerica, said, "We continued to generate profitable growth in the third quarter at Folksamerica. In addition to our existing operations, where premiums are up substantially, there are a lot of opportunities out there to bring in new sources of incremental business. The renewal rights deal with CNA is a terrific example of this."
White Mountains' reinsurance segment consists of Folksamerica, White Mountains Underwriting, Fund American Re and White Mountains' investment in Montpelier Re Holdings.
Other Operations
White Mountains' other operations segment reported a pre-tax loss of $10 million for the third quarter of 2003, compared to a pre-tax loss of $87 million for the third quarter of 2002. For the first nine months of 2003 the segment reported a pre-tax loss of $128 million versus a pre-tax loss of $200 million in the first nine months of 2002. The losses reported in this segment are principally the result of financing, purchase accounting and compensation expenses at the holding company level. In the third quarter of 2003, the amount of such losses was partially offset by the real estate gains mentioned above as $37 million pre-tax were included in this segment.
Investment Activities
White Mountains' pre-tax income in the third quarter of 2003 included net realized investment losses of $34 million, compared to $119 million in net realized investment gains in the third quarter of 2002. For the first nine months of 2003 pre-tax income included net realized investment gains of $114 million, versus $117 million in the comparable period of 2002. The investment losses realized in the third quarter of 2003 resulted primarily from the sale of mortgage backed securities to reduce the duration of the bond portfolio. After-tax unrealized investment losses were $22 million in the quarter, compared to after-tax unrealized investment gains of $79 million in the third quarter of 2002. For the first nine months of 2003 after-tax unrealized investment gains were $44 million, compared to $189 million in the first nine months of 2002.
John Gillespie, President of White Mountains Advisors, said, "The big event of the past several months has been the gyrations in the bond market. After hitting 45-year lows in June, the 10-year treasury bond had a massive sell off in July, a sizable rally in September, and another sell off in October. We believe the emerging economic data points to a trend towards higher rates and thus we continue to keep the duration of our fixed maturity investments relatively short at about 3 years. We also are continuing to gradually accumulate value equities despite the rally in the stock market, as we are still able to find securities that are attractive."
Financing Activities
White Mountains closed on a new, undrawn $300 million revolving credit facility in September. David Foy, White Mountains' CFO, commented, "This new credit facility is much less restrictive than our previous revolver and carries a lower cost. The more favorable terms reflect our reduction in financial leverage, which includes a debt-to-capital ratio of below 20%, and an improved ratings outlook."
Changes in Accounting Principles
During the third quarter of 2003, White Mountains recorded a $90 million charge as a cumulative effect of a change in accounting principles as a result of the adoption of SFAS 150, which required the Company to book the difference between the fair value of the Berkshire Preferred Stock at its issuance date and its previous carrying value. As a result, for the quarter the Company reported a net loss of $52 million, compared to net income of $55 million in the third quarter of 2002. The change in accounting principle did not impact fully converted tangible book value per share as the Company already carried the Berkshire Preferred Stock at its full $300 million redemption value in its fully converted tangible book value per share calculation.
Additional Information
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. The Company expects to file its Form 10-Q with the Securities and Exchange Commission on or before Friday November 14, 2003 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The information contained in this earnings release may contain "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward- looking statements. These forward-looking statements include, among others, statements with respect to White Mountains':
-- growth in book value per share or return on equity;
-- business strategy;
-- financial and operating targets or plans;
-- incurred losses and the adequacy of its loss and loss adjustment
expense reserves;
-- projections of revenues, income (or loss), earnings (or loss) per
share, dividends, market share or other financial forecasts;
-- expansion and growth of our business and operations; and
-- future capital expenditures.
These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- the continued availability of capital and financing;
-- general economic, market or business conditions;
-- business opportunities (or lack thereof) that may be presented to it
and pursued;
-- competitive forces, including the conduct of other property and
casualty insurers and reinsurers
-- changes in domestic or foreign laws or regulations applicable to White
Mountains, its competitors or its clients;
-- an economic downturn or other economic conditions adversely affecting
its financial position;
-- loss reserves established subsequently proving to have been inadequate;
and
-- other factors, most of which are beyond White Mountains' control.
Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions, except share and per share amounts)
(Unaudited)
September 30, December 31,
2003 2002
Assets
Fixed maturity investments, at
fair value $5,892.4 $6,669.1
Short-term investments, at fair
value 1,680.5 1,790.6
Common equity securities, at fair
value 439.9 275.0
Other investments 306.3 164.7
Total investments 8,319.1 8,899.4
Reinsurance recoverable on unpaid
losses 3,633.7 4,071.9
Reinsurance recoverable on paid
losses 132.6 159.8
Insurance and reinsurance premiums
receivable 833.8 830.5
Accounts receivable on unsettled
investment sales 952.6 160.8
Investments in unconsolidated
insurance affiliates 468.3 399.9
Deferred tax asset 326.0 430.0
Deferred acquisition costs 241.7 244.9
Ceded unearned premiums 186.3 163.9
Other assets 838.5 672.5
Total assets $15,932.6 $16,033.6
Liabilities
Loss and loss adjustment expense
reserves $8,030.5 $8,875.3
Unearned insurance and reinsurance
premiums 1,482.1 1,514.4
Accounts payable on unsettled
investment purchases 1,077.8 495.2
Debt 742.5 793.2
Preferred stock subject to
mandatory redemption 278.8 -
Funds held under reinsurance
treaties 200.2 262.4
Other liabilities 1,326.1 1,285.3
Total liabilities 13,138.0 13,225.8
Convertible preference shares - 219.0
Minority interest - preferred
stock of subsidiaries - 180.9
Common shareholders' equity
Common shares and paid-in surplus 1,402.9 1,129.3
Retained earnings 1,139.9 1,071.9
Accumulated other comprehensive
income, after tax 251.8 206.7
Total common shareholders'
equity 2,794.6 2,407.9
Total liabilities, convertible
preference shares, minority
interest
and common shareholders' equity $15,932.6 $16,033.6
Common shares outstanding (000's) 9,002 sh 8,351 sh
Common and equivalent shares
outstanding (000's) 10,782 sh 10,806 sh
WHITE MOUNTAINS INSURANCE GROUP, LTD.
FULLY CONVERTED TANGIBLE BOOK VALUE PER COMMON AND EQUIVALENT SHARE
(Unaudited)
September 30, June 30, December 31,
2003 2003 2002
Book value per share
numerators:
Common shareholders' equity $2,794.6 $2,869.3 $2,407.9
Proceeds from assumed
exercise of outstanding
Warrants 300.0 300.0 300.0
Benefits to be received from
share obligations under
employee benefit plans 7.5 7.5 8.8
Remaining adjustment of
subsidiary preferred stock
to face value (41.2) (132.7) (139.1)
Book value per share numerator 3,060.9 3,044.1 2,577.6
Conversion of convertible
preference shares to Common
Shares - - 219.0
Unamortized deferred credits
and goodwill (17.8) (15.7) -
Fully converted tangible book
value per common and
equivalent share numerator $3,043.1 $3,028.4 $2,796.6
Book value per share denominators:
Common Shares outstanding 9,002.4 9,002.4 8,351.4
Common Shares issuable upon
exercise of outstanding
Warrants 1,724.2 1,724.2 1,714.3
Share obligations under
employee benefits plans 55.4 55.4 61.9
Book value per share
denominator 10,782.0 10,782.0 10,127.6
Conversion of convertible
preference shares to Common
Shares - - 678.0
Fully converted tangible book
value per common and
equivalent share denominator 10,782.0 10,782.0 10,805.6
Book value per share $283.90 $282.33 $254.52
Fully converted tangible book
value per common and
equivalent share $282.24 $280.88 $258.82
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(millions, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
2003 2002
Revenues:
Earned insurance and reinsurance
premiums $788.2 $878.5
Net investment income 67.5 88.1
Net realized gains (losses) on
investments (34.2) 119.3
Other revenue (loss) 71.2 (4.4)
Total revenues 892.7 1,081.5
Expenses:
Loss and loss adjustment expenses 600.5 637.5
Insurance and reinsurance
acquisition expenses 149.5 227.8
General and administrative expenses 74.2 102.7
Accretion of fair value adjustment
to loss and loss adjustment
expense reserves 10.1 14.2
Interest expense on debt 11.0 17.3
Interest expense - dividends and
accretion on preferred stock
subject to mandatory redemption 9.2 -
Total expenses 854.5 999.5
Pretax income 38.2 82.0
Tax provision (14.4) (20.3)
Net income before minority interest,
accounting changes and
equity in earnings of
unconsolidated subsidiaries 23.8 61.7
Dividends and accretion on
subsidiary preferred stock to face
value - (10.3)
Equity in earnings of
unconsolidated insurance
affiliates 13.6 3.2
Net income from continuing
operations 37.4 54.6
Cumulative effect of changes in
accounting principles (89.8) -
Excess of fair value of acquired
net assets over cost - -
Net income (loss) (52.4) 54.6
Unrealized gains (losses) on
investments (22.4) 79.2
Foreign currency translation (.4) (1.0)
Comprehensive net income (loss) $(75.2) $132.8
Computation of net income (loss)
available to common shareholders:
Net income (loss) $(52.4) $54.6
Redemption value adjustment -
convertible preference shares - -
Net income (loss) available to
common shareholders $(52.4) $54.6
Basic earnings per common share:
Net income from continuing
operations $4.16 $6.67
Net income (loss) (5.82) 6.67
Diluted earnings per common share:
Net income from continuing
operations $3.69 $6.04
Net income (loss) (5.33) 6.04
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(millions, except per share amounts)
(Unaudited)
Nine Months Ended
September 30,
2003 2002
Revenues:
Earned insurance and reinsurance
premiums $2,346.4 $2,736.3
Net investment income 219.1 276.2
Net realized gains (losses) on
investments 114.0 116.7
Other revenue (loss) 118.6 62.3
Total revenues 2,798.1 3,191.5
Expenses:
Loss and loss adjustment expenses 1,634.5 2,010.5
Insurance and reinsurance
acquisition expenses 456.9 622.1
General and administrative expenses 313.6 380.5
Accretion of fair value adjustment
to loss and loss adjustment
expense reserves 38.5 65.6
Interest expense on debt 37.1 53.0
Interest expense - dividends and
accretion on preferred stock
subject to mandatory redemption 9.2 -
Total expenses 2,489.8 3,131.7
Pretax income 308.3 59.8
Tax provision (105.2) (1.3)
Net income before minority interest,
accounting changes and
equity in earnings of
unconsolidated subsidiaries 203.1 58.5
Dividends and accretion on
subsidiary preferred stock to face
value (21.5) (30.4)
Equity in earnings of
unconsolidated insurance
affiliates 42.3 7.8
Net income from continuing
operations 223.9 35.9
Cumulative effect of changes in
accounting principles (89.8) 660.2
Excess of fair value of acquired
net assets over cost - 7.1
Net income (loss) 134.1 703.2
Unrealized gains (losses) on
investments 44.0 189.0
Foreign currency translation 1.1 (3.0)
Comprehensive net income (loss) $179.2 $889.2
Computation of net income (loss)
available to common shareholders:
Net income (loss) $134.1 $703.2
Redemption value adjustment -
convertible preference shares (49.5) -
Net income (loss) available to
common shareholders $84.6 $703.2
Basic earnings per common share:
Net income from continuing
operations $20.20 $4.38
Net income (loss) 9.80 85.90
Diluted earnings per common share:
Net income from continuing
operations $18.08 $3.87
Net income (loss) 8.67 77.67
WHITE MOUNTAINS INSURANCE GROUP, LTD.
YTD SEGMENT INCOME STATEMENT
(in millions)
For the Nine Months Ended September 30, 2003
OneBeacon Reinsurance Other Total
Revenues:
Earned insurance and
reinsurance premiums $1,658.5 $664.5 $23.4 $2,346.4
Net investment income 173.3 40.0 5.8 219.1
Net realized gains (losses)
on investments 112.2 10.0 (8.2) 114.0
Other revenue 16.4 52.2 50.0 118.6
Total revenues 1,960.4 766.7 71.0 2,798.1
Expenses:
Loss and loss adjustment
expenses 1,169.1 446.9 18.5 1,634.5
Insurance and reinsurance
acquisition expenses 301.4 141.2 14.3 456.9
General and administrative
expenses 180.8 50.0 82.8 313.6
Accretion of fair value
adjustment to loss and lae
reserves - - 38.5 38.5
Interest expense on debt - 1.5 35.6 37.1
Interest expense - dividends
and accretion on preferred
stock
subject to mandatory
redemption - - 9.2 9.2
Total expenses 1,651.3 639.6 198.9 2,489.8
Pretax income (loss) $309.1 $127.1 $(127.9) $308.3
For the Nine Months Ended
September 30, 2002
OneBeacon Reinsurance Other Total
Revenues:
Earned insurance and
reinsurance premiums $2,241.4 $472.8 $22.1 $2,736.3
Net investment income
(expense) 235.6 43.1 (2.5) 276.2
Net realized gains (losses)
on investments 98.5 62.7 (44.5) 116.7
Other revenue 0.1 38.4 23.8 62.3
Total revenues 2,575.6 617.0 (1.1) 3,191.5
Expenses:
Loss and loss adjustment
expenses 1,663.4 329.5 17.6 2,010.5
Insurance and reinsurance
acquisition expenses 502.6 116.7 2.8 622.1
General and administrative
expenses 269.7 49.8 61.0 380.5
Accretion of fair value
adjustment to loss and lae
reserves - - 65.6 65.6
Interest expense on debt - 1.5 51.5 53.0
Total expenses 2,435.7 497.5 198.5 3,131.7
Pretax income (loss) $139.9 $119.5 $(199.6) $59.8
WHITE MOUNTAINS INSURANCE GROUP, LTD.
QTD SEGMENT INCOME STATEMENT
(in millions)
For the Three Months Ended September 30, 2003
OneBeacon Reinsurance Other Total
Revenues:
Earned insurance and reinsurance
premiums $550.7 $229.2 $8.3 $788.2
Net investment income 50.2 13.2 4.1 67.5
Net realized losses on
investments (17.5) (15.4) (1.3) (34.2)
Other revenue 15.0 16.7 39.5 71.2
Total revenues 598.4 243.7 50.6 892.7
Expenses:
Loss and loss adjustment expenses 434.7 158.8 7.0 600.5
Insurance and reinsurance
acquisition expenses 98.3 45.9 5.3 149.5
General and administrative
expenses 37.5 18.4 18.3 74.2
Accretion of fair value
adjustment to loss and lae
reserves - - 10.1 10.1
Interest expense on debt - 0.5 10.5 11.0
Interest expense - dividends and
accretion on preferred stock
subject to mandatory redemption - - 9.2 9.2
Total expenses 570.5 223.6 60.4 854.5
Pretax income (loss) $27.9 $20.1 $(9.8) $38.2
For the Three Months Ended September
30, 2002
OneBeacon Reinsurance Other Total
Revenues:
Earned insurance and reinsurance
premiums $688.8 $182.1 $7.6 $878.5
Net investment income 73.2 13.8 1.1 88.1
Net realized gains (losses) on
investments 83.9 65.6 (30.2) 119.3
Other revenue (loss) - 9.5 (13.9) (4.4)
Total revenues 845.9 271.0 (35.4) 1,081.5
Expenses:
Loss and loss adjustment expenses 488.5 141.6 7.4 637.5
Insurance and reinsurance
acquisition expenses 188.0 38.7 1.1 227.8
General and administrative
expenses 70.0 21.0 11.7 102.7
Accretion of fair value
adjustment to loss and lae
reserves - - 14.2 14.2
Interest expense on debt - 0.5 16.8 17.3
Total expenses 746.5 201.8 51.2 999.5
Pretax income (loss) $99.4 $69.2 $(86.6) $82.0
WHITE MOUNTAINS INSURANCE GROUP, LTD.
SUMMARY OF GAAP RATIOS AND PREMIUMS
(unaudited)
Nine Months Ended
September 30, 2003 OneBeacon
Personal Commercial Speciality Total Core Total(1)
GAAP Ratios
Loss and LAE 61% 63% 60% 61% 70%
Expense 24% 33% 31% 28% 29%
Total Combined 85% 96% 91% 89% 99%
Dollars in millions
Net written premiums $702.0 $328.1 $385.9 $1,416.0 $1,539.3
Earned insurance premiums $734.9 $320.9 $361.4 $1,417.2 $1,658.5
Nine Months Ended
September 30, 2002 OneBeacon
Personal Commercial Specialty Total Core Total(1)
GAAP Ratios
Loss and LAE 75% 71% 61% 71% 74%
Expense 26% 34% 32% 29% 34%
Total Combined 101% 105% 93% 100% 108%
Dollars in millions
Net written premiums $877.5 $362.5 $342.0 $1,582.0 $2,038.2
Earned insurance premiums $757.7 $411.5 $306.0 $1,475.2 $2,241.4
Three Months Ended
September 30, 2003 OneBeacon
Personal Commercial Specialty Total Core Total(1)
GAAP Ratios
Loss and LAE 56% 61% 66% 60% 79%
Expense 14% 30% 30% 21% 24%
Total Combined 70% 91% 96% 81% 103%
Dollars in millions
Net written premiums $284.4 $95.7 $141.0 $521.1 $559.7
Earned insurance premiums $265.6 $105.8 $121.6 $493.0 $550.7
Three Months Ended
September 30, 2002 OneBeacon
Personal Commercial Specialty Total Core Total(1)
GAAP Ratios
Loss and LAE 69% 74% 63% 69% 71%
Expense 28% 34% 35% 31% 37%
Total Combined 97% 108% 98% 100% 108%
Dollars in millions
Net written premiums $273.6 $99.8 $136.4 $509.8 $635.0
Earned insurance premiums $265.6 $122.8 $106.5 $494.9 $688.8
(1) Includes results from Non-core operations.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
SUMMARY OF GAAP RATIOS AND PREMIUMS
(unaudited)
Nine Months Ended September 30, 2003 Folksamerica
GAAP Ratios
Loss and LAE 67%
Expense 28%
Total Combined 95%
Dollars in millions
Net written premiums $664.1
Earned insurance premiums $614.4
Nine Months Ended September 30, 2002 Folksamerica
GAAP Ratios
Loss and LAE 69%
Expense 34%
Total Combined 103%
Dollars in millions
Net written premiums $479.0
Earned insurance premiums $443.5
Three Months Ended September 30, 2003 Folksamerica
GAAP Ratios
Loss and LAE 70%
Expense 26%
Total Combined 96%
Dollars in millions
Net written premiums $228.0
Earned insurance premiums $213.6
Three Months Ended September 30, 2002 Folksamerica
GAAP Ratios
Loss and LAE 76%
Expense 31%
Total Combined 107%
Dollars in millions
Net written premiums $171.3
Earned insurance premiums $163.0
SOURCE White Mountains Insurance Group, Ltd.
David Foy of White Mountains Insurance Group, Ltd., +1-203-453- 1681 (WTM)