For Shareholders

HAMILTON, Bermuda, Nov. 21 /PRNewswire-FirstCall/ -- The Board of Directors of White Mountains Re Group, Ltd., the Bermuda-based reinsurance unit of White Mountains Insurance Group, Ltd. (NYSE: WTM), has declared a dividend of $37.53 per share, payable in cash on or before December 31, 2008, to holders of record of its Fixed/Floating Perpetual Non-Cumulative Preference Shares as of the close of business on December 29, 2008.

ADDITIONAL INFORMATION

White Mountains Re Group Ltd. is a Bermuda holding company whose operating companies offer lead reinsurance capacity for property, casualty, accident & health, marine, and aviation exposures. White Mountains Insurance Group, Ltd. 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 White Mountains' web site located at www.whitemountains.com.

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

This press 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':

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

    x  the risks described in Item 1A of White Mountains' 2007 Annual Report
       on Form 10-K;
    x  claims arising from catastrophic events, such as hurricanes,
       earthquakes, floods or terrorist attacks;
    x  the continued availability of capital and financing;
    x  general economic, market or business conditions;
    x  business opportunities (or lack thereof) that may be presented to it
       and pursued;
    x  competitive forces, including the conduct of other property and
       casualty insurers and reinsurers;
    x  changes in domestic or foreign laws or regulations, or their
       interpretation, applicable to White Mountains, its competitors or its
       clients;
    x  an economic downturn or other economic conditions adversely affecting
       its financial position;
    x  recorded loss reserves subsequently proving to have been inadequate;
    x  other factors, most of which are beyond White Mountains' control.

Consequently, all of the forward-looking statements made in this press 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 publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Chuck Chokel

Tel: (860) 408-7308

SOURCE  White Mountains Insurance Group, Ltd.
    -0-                             11/21/2008
    /CONTACT:  Chuck Chokel of White Mountains Insurance Group, Ltd.,
+1-860-408-7308 /
    /Web site:  http://www.whitemountains.com /
    (WTM)

CO:  White Mountains Re Group, Ltd.; White Mountains Insurance Group, Ltd.
ST:  Bermuda
IN:  INS FIN
SU:  DIV

AB-JM
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