White Mountains Reports Tangible Book Value Per Share of $435

HAMILTON, Bermuda, Nov. 5  /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. ended the third quarter with a fully diluted tangible book value per share of $435, an increase of 3.7% for the quarter, 8.7% for the first three quarters, and 18.8% for the past twelve months, including dividends.

Ray Barrette, Chairman and CEO, said, "We had a good quarter. OneBeacon had excellent results, growing ABVPS by 4.6% with a combined ratio of 84%, helped by some non-recurring gains.  White Mountains Re delivered a nice quarter with a combined ratio of 94%, reflecting disciplined underwriting and lower than expected catastrophe claims. On the underwriting front, the only negative was a $15 million increase in Esurance's loss reserves following a full review of open liability claim files.  Our investment results were good and our bond portfolio remains a pillar of strength."

Adjusted comprehensive net income for the third quarter of 2007 was $161 million, compared to $211 million last year.  Adjusted comprehensive net income for the first nine months of 2007 was $354 million, compared to $377 million last year.

Net income for the third quarter was $111 million, compared to $162 million.  Last year's third quarter benefited from $44 million in transaction gains from the sale of Sirius America and OneBeacon's Agri business versus $11 million from the sale of an inactive shell insurance company at OneBeacon this year.  Net income for the first nine months of 2007 was $306 million, compared to $374 million. In addition to the transaction gains, net income for the first nine months of 2006 reflected $33 million in gains from the settlements of United States Federal and state income tax audits.

OneBeacon

OneBeacon grew its ABVPS by 4.6% in the quarter and 13.3% for the first nine months.  Pre-tax income for the quarter was $135 million, compared to $107 million, while the GAAP combined ratio was 84%, compared with 94%. For the first nine months of 2007, pre-tax income was $316 million, compared to $247 million, while the GAAP combined ratio was 93%, compared with 96%.  The 2007 results benefited from a gain on the partial settlement of the qualified pension liabilities and a premium tax refund in the third quarter, partially offset by office consolidation costs incurred primarily in the first quarter. These items had the effect of increasing OneBeacon's 2007 pretax income by $33 million in the quarter and $23 million in the first nine months and lowering the 2007 combined ratios by 7 points in the quarter and 2 points in the first nine months.

Mike Miller, CEO of OneBeacon, said "OneBeacon experienced an excellent quarter by any measure in today's market, reflecting strong current accident year results, favorable development on prior accident years, minimal catastrophe losses and solid investment returns. Our 84% combined ratio for the quarter reflected good results from all of our businesses. In addition, it was positively impacted by the gain on the partial settlement of our pension liabilities and a state premium tax refund. Excluding these items, our combined ratio would have been 91% compared to 94% last year. Net written premiums were down less than 1% for the quarter and 2% through nine months, excluding the 2006 Agri business. Recently, we reduced our workforce by approximately ten percent to bring our expenses more in line with our business needs. We will continue to focus on disciplined underwriting and manage expenses accordingly."

Net written premiums were $512 million for the third quarter and $1,437 million for the first nine months, a decrease of 1% and 2%, respectively, from the comparable periods of 2006 excluding the Agri business that was sold in September 2006.  Including Agri, premiums decreased 5% and 6%, respectively, from the comparable periods of 2006.  Strong growth in Specialty Lines continues to mostly offset lower Personal Lines premiums at AutoOne.

White Mountains Re

White Mountains Re's pre-tax income for the third quarter of 2007 was $74 million, compared to $110 million, while the GAAP combined ratio was 94%, compared to 89%. For the first nine months of 2007, pre-tax income was $217 million, compared to $131 million, while the GAAP combined ratio was 94%, compared to 108%. The results for the first nine months of 2006 were negatively impacted by $223 million related to KRW claims. The first nine months of 2007 include $82 million of pre-tax catastrophe losses, net of reinstatements and reinsurance, including $22 million in the quarter, which are both lower than plan.

Allan Waters, CEO of White Mountains Re, said, "While the number of large events was fairly high this quarter, insured damages were limited.  Total catastrophe losses for the quarter were still higher than last year.  Our increased combined ratio also reflects deteriorating pricing across all lines. We are adjusting our mix and reducing volume in response to the market softening. We continue to look for ways to add value.  During the quarter, we transferred significant capital to our Bermuda operations to improve our capital allocation."

Net written premiums were $222 million for the third quarter and $905 million for the first nine months, a decrease of 22% and 14% from the comparable periods of 2006.

Esurance

Esurance's pre-tax loss for the quarter was $25 million, compared to pre- tax income of $2 million, while the GAAP combined ratio was 118%, compared to 106%.  For the first nine months, the pre-tax loss was $46 million, compared to pre-tax income of $0.4 million, while the GAAP combined ratio was 114%, compared to 107%.  The worse results for both periods were due to higher marketing costs, increased claim severity and increases in loss reserves for prior years.

Gary Tolman, CEO of Esurance, said, "The third quarter was a difficult one. Our claims department completed a review of all open liability claim files for 2006 and prior accident years.  Based on that review, we increased loss reserves by $15 million. I believe this is a manageable adjustment to our results, as the revised loss ratios remain quite good.  Our growth in written premium remained strong for the quarter; however, given intense competition in the personal auto market, our growth rate will be lower than we have experienced in the past.  Due to the increasing cost of acquiring new policies, we are carefully evaluating our marketing expenditures."

Net written premiums were $208 million for the third quarter and $601 million for the first nine months, an increase of 27% and 38% from the comparable periods of 2006.  Direct written premiums for the last twelve months were $765 million.  At September 30, 2007, Esurance had 472,000 policies-in-force, an increase of 40% over September 30, 2006.  Esurance writes business in 28 states that represent 85% of total available premiums for the personal automobile insurance industry in the United States.

The expense ratios for the quarter and for the first nine months were 34% for both periods, consistent with the comparable periods of 2006. The operating expense ratio for the first nine months is down to 7.5% compared to 9.6% last year. Esurance continues to benefit from increasing scale, with an emphasis on self service support, and the paperless, low cost operating model.

Other Operations

White Mountains' Other Operations segment's pre-tax income for the third quarter of 2007 was $7 million, compared to $10 million. For the first nine months of 2007, pre-tax income was $13 million, compared to $39 million.  The decrease in pre-tax income for the nine-month period is primarily due to a $21 million gain from the redemption of a private equity investment last year.

Investment Activities

The GAAP total return on invested assets for the third quarter and the first nine months of 2007 was 2.0% and 5.4% compared to 2.7% and 5.5% in the comparable periods of 2006.  Net investment income was $129 million in the third quarter and $374 million in the first nine months, up from $109 million and $312 million.

Mark Dorcus, President of White Mountains Advisors, said "We have had solid results so far this year in very turbulent markets.  Our bond portfolios have exceeded our benchmarks with much less volatility and our equity portfolios have performed in line with the market.  Both have benefited from the weakening U.S. dollar.  However, the real story does not show up in the comparison to these indices.  Difficulties with sub-prime mortgages continue to fester and taint many other companies' investment portfolios. We avoided these problems and our bond portfolios continue to be rock solid for the group."

Additional Information

On July 17, 2006, in connection with the initial public offering of OneBeacon Insurance Group, Ltd. ("OBIG"), White Mountains undertook an internal reorganization and formed OBIG for the purpose of holding certain of its property and casualty insurance businesses. As a result of the reorganization, certain of White Mountains' businesses that had been historically reported as part of its Other Operations segment are now owned by OBIG, and accordingly are now included within the OneBeacon segment.  In addition, certain other businesses of White Mountains that are no longer owned by OBIG are now presented as part of the Other Operations segment.  Prior period segment information has been restated to conform to the current presentation.

As a result of the sale of OneBeacon shares, there is a significant minority interest in OneBeacon.  Accordingly, prior periods in the Company's financial statements have been reclassified to show the Company's minority interest in certain limited partnership investments.

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 November 9, 2007 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.

Regulation G

This earnings release includes three 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 financial measure that excludes the change in net unrealized gains and losses from Symetra's fixed maturity portfolio from comprehensive net income.  The reconciliation of adjusted comprehensive net income to comprehensive net income is included on page 8.

Fully diluted 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 in-the-money convertible securities and to exclude any unamortized goodwill and net unrealized gains/(losses) from Symetra's fixed maturity portfolio.  In addition, for periods subsequent to December 31, 2006, the number of common shares outstanding used in the calculation of fully diluted tangible book value per share are adjusted to exclude unearned shares of restricted stock representative of the proportion of unamortized compensation cost at the date of the calculation to the value of the restricted stock on the date of issuance. This adjustment was not made to fully diluted tangible book value per share for periods prior to December 31, 2006 as the impact was not significant. The reconciliation of fully diluted tangible book value per share to book value per share is included on page 7.

Adjusted book value per common share at OneBeacon is a non-GAAP financial measure which is derived by excluding the impact of economically defeasing OneBeacon's mandatorily redeemable preferred stock from book value per common share, the most closely comparable GAAP measure. Management believes that adjusted book value per common share is a useful supplement to understanding OneBeacon's earnings and profitability. A reconciliation of OneBeacon's book value per common share to OneBeacon's adjusted book value per common share follows:

                                         Sept. 30,   June 30,   December 31,
  (millions, except per share amounts)     2007        2007        2006

  OneBeacon book value per share
   numerators:
  OneBeacon common shareholders'
   equity                                $1,910.9    $1,861.3     1,777.2
  Remaining accretion of subsidiary
   preferred stock to face value           (31.5)      (40.8)      (57.7)
  Adjusted OneBeacon common
   shareholders' equity                   1,879.4     1,820.5     1,719.5
  OneBeacon common shares outstanding        99.7       100.0       100.0
  OneBeacon book value per common share    $19.17      $18.61       17.77
  OneBeacon adjusted book value per
   common share                            $18.85      $18.21       17.20
  Growth in adjusted book value per
   common share in the quarter (1)           4.6%
  Growth in adjusted book value per
   common share for the nine-month
   period (1)                               13.3%


  (1) Includes $.21 dividend per common share paid quarterly beginning in
      March 2007.




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

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:

  -- the risks associated with Item 1A of White Mountains' 2006 Annual
     Report on Form 10-K;
  -- 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 publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

   Contact: David Foy
           [phone]



                  WHITE MOUNTAINS INSURANCE GROUP, LTD.
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                     (millions, except share amounts)
                               (Unaudited)

                                       September   December   September
                                           30,        31,        30,
                                          2007       2006       2006
  Assets
  Fixed maturity investments            $7,436.7   $7,475.3   $6,692.6
  Common equity securities               1,471.3    1,212.6    1,042.0
  Short-term investments                 1,614.8    1,344.9    1,222.8
  Other investments                        549.3      524.8      498.0
  Convertible fixed maturity
   investments                             529.5      436.2      396.6
  Investments held in trust                308.7      338.9          -

      Total investments                 11,910.3   11,332.7    9,852.0

  Reinsurance recoverable on unpaid
   losses                                3,581.9    4,015.7    4,250.3
  Reinsurance recoverable on paid
   losses                                   58.1      159.4       89.3
  Funds held by ceding companies           352.3      452.8      467.5
  Insurance and reinsurance premiums
   receivable                              971.1      913.6    1,002.3
  Securities lending collateral            824.6      649.8      583.8
  Investments in unconsolidated
   affiliates                              404.4      335.5      529.1
  Deferred acquisition costs               358.6      320.3      333.5
  Ceded unearned premiums                  129.2       87.9      113.7
  Accounts receivable on unsettled
   investment sales                         21.7        8.5      354.1
  Other assets                           1,106.5    1,167.5    1,136.5

      Total assets                     $19,718.7  $19,443.7  $18,712.1

  Liabilities

  Loss and loss adjustment expense
   reserves                             $8,249.3   $8,777.2   $9,114.2
  Unearned insurance and reinsurance
   premiums                              1,743.2    1,584.9    1,714.9
  Debt                                   1,192.8    1,106.7      794.2
  Securities lending payable               824.6      649.8      583.8
  Preferred stock subject to
   mandatory redemption                    268.5      262.3      254.5
  Ceded reinsurance payable                124.0      138.4      135.6
  Funds held under reinsurance
   treaties                                 99.5      141.6      119.6
  Reserves for structured contracts         78.8      147.1      153.5
  Accounts payable on unsettled
   investment purchases                     85.4       66.8      303.5
  Other liabilities                      1,431.2    1,510.4    1,309.6

      Total liabilities                 14,097.3   14,385.2   14,483.4

    Minority interest - OneBeacon
     Insurance Group, Ltd.                 536.3      490.7          -
    Minority interest - White
     Mountains Re Group, Ltd.
     Preference Shares                     250.0          -          -
    Minority interest - consolidated
     limited partnerships                  102.5      112.5      110.0

  Total minority interest                  888.8      603.2      110.0

  Common Shareholders' Equity

  Common shares and paid-in surplus      1,734.7    1,727.5    1,726.7
  Retained earnings                      2,737.3    2,496.0    2,218.2
  Accumulated other comprehensive
   income (loss), after tax:
    Net unrealized gains on
     investments                           207.2      198.1      169.8
    Equity in net unrealized losses
     from Symetra's fixed maturity
     portfolio                             (22.9)      (4.1)      (4.1)
    Net unrealized foreign currency
     translation gains and other            76.3       37.8        8.1
      Total common shareholders' equity  4,732.6    4,455.3    4,118.7

  Total liabilities, minority
   interest and common shareholders'
   equity                              $19,718.7  $19,443.7  $18,712.1

  Common shares outstanding (000's)       10,843     10,783     10,780
  Common and equivalent shares
   outstanding (000's)                    10,809     10,812     10,812



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

                         September 30,   June 30, December 31, September 30,
                             2007          2007       2006         2006
  Book value per share
   numerators (in millions):
  Common shareholders'
   equity                   $4,732.6     $4,575.3     $4,455.3     $4,118.7
    Benefits to be received
     from share obligations
     under employee benefit
     plans                       2.4          2.3          4.7          5.0
    Remaining adjustment
     of preferred stock
     subj. to mandatory
     redemption to face
     value                     (22.7)(1)    (29.3)(1)    (41.8)(1)    (65.5)
  Book value per share
   numerator                 4,712.3      4,548.3      4,418.2      4,058.2
    Equity in net
     unrealized losses
     from Symetra's fixed
     maturity portfolio         22.9         38.5          4.1          4.1
    Goodwill                   (28.7)       (28.4)       (32.5)       (25.8)
  Fully diluted tangible
   book value per common
   and equivalent share
   numerator                $4,706.5     $4,558.4     $4,389.8     $4,036.5

  Book value per share
   denominators (in
   thousands of shares):
  Common Shares
   outstanding              10,842.6     10,842.5     10,782.8     10,780.1
    Unearned restricted
     shares                    (48.5)       (50.6)           -            -
    Share obligations under
     employee benefits plans    14.4         14.4         29.5         32.2
  Fully diluted tangible
   book value per common
   and equivalent share
   denominator              10,808.5     10,806.3     10,812.3     10,812.3

  Book value per common
   and equivalent share      $435.99      $420.90      $408.62      $375.34
  Fully diluted tangible
   book value per common
   and equivalent share      $435.45      $421.83      $406.00      $373.33

  (1) Remaining adjustment of subsidiary preferred stock to face value,
      which is representative of White Mountains' ownership interest in
      OneBeacon Insurance Group, Ltd. of 71.9% as of September 30, 2007,
      71.7% as of June 30, 2007 and 72.4% as of December 31, 2006.



                  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,
                                 2007       2006         2007         2006
  Revenues:
    Earned insurance and
     reinsurance premiums       $936.3     $918.9     $2,835.0     $2,773.4
    Net investment income        128.9      108.7        373.6        311.6
    Net realized investment
     gains                        29.9       67.8        192.9        202.8
    Other revenue                 60.3       90.8        130.6        157.1

      Total revenues           1,155.4    1,186.2      3,532.1      3,444.9
  Expenses:
    Loss and loss adjustment
     expenses                    591.9      558.1      1,797.3      1,885.9
    Insurance and reinsurance
     acquisition expenses        183.9      189.3        580.1        562.6
    Other underwriting expenses  103.6      122.8        377.5        361.5
    General and
     administrative expenses      43.0       53.1        158.3        120.0
    Accretion of fair value
     adjustment to loss and
     loss adjustment expense
     reserves                      5.4        6.6         16.0         18.2
    Interest expense on debt      19.8       12.9         54.9         36.5
    Interest expense - dividends
     on preferred stock subject
     to mandatory redemption       7.1        7.6         22.2         22.7
    Interest expense - accretion
     on preferred stock subject
     to mandatory redemption       9.2        7.3         26.2         20.6

      Total expenses             963.9      957.7      3,032.5      3,028.0

  Pre-tax income                 191.5      228.5        499.6        416.9
    Income tax provision         (64.3)     (69.3)      (151.3)       (66.9)

  Income before equity in
   earnings of unconsolidated
   affiliates and minority
   interest                      127.2      159.2        348.3        350.0
    Equity in earnings of
     unconsolidated affiliates     8.2        5.6         27.3         29.4
    Minority interest            (24.0)      (2.7)       (69.4)        (5.5)

  Net income                     111.4      162.1        306.2        373.9
    Change in net unrealized
     gains on investments         40.3      112.6         (9.7)       (59.0)
    Change in foreign currency
     translation and other        24.4        1.0         38.5         33.9

  Comprehensive net income       176.1      275.7        335.0        348.8
    Change in net unrealized
     gains and losses from
     Symetra's fixed maturity
     portfolio                   (15.6)     (64.9)        18.8         28.3

  Adjusted comprehensive
   net income                   $160.5     $210.8       $353.8       $377.1

  Basic earnings per share      $10.33     $15.05       $28.40       $34.72

  Diluted earnings per share    $10.32     $15.01       $28.35       $34.61

  Dividends declared and paid
   per common share              $2.00      $2.00        $6.00        $6.00



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

                          For the Nine Months Ended September 30, 2007

                         OneBeacon     WMRe    Esurance    Other   Total
  Revenues:
    Earned insurance
     and reinsurance
     premiums            $1,407.5     $870.9    $556.6        $- $2,835.0
    Net investment income   156.7      155.7      21.5      39.7    373.6
    Net realized investment
     gains                  142.7       44.9       2.8       2.5    192.9
    Other revenue            16.3        9.5       9.1      95.7    130.6

      Total revenues      1,723.2    1,081.0     590.0     137.9  3,532.1

  Expenses:
    Loss and loss
     adjustment expenses    827.1      537.7     443.2    (10.7)  1,797.3
    Insurance and
     reinsurance
     acquisition   expenses 231.5      197.9     150.7         -    580.1
    Other underwriting
     expenses               246.9       86.4      41.9       2.3    377.5
    General and
     administrative expenses  7.5       21.7        .2     128.9    158.3
    Accretion of fair
     value adjustment to
     loss and lae reserves   12.0        4.0         -         -     16.0
    Interest expense on debt 34.1       16.2         -       4.6     54.9
    Interest expense -
     dividends and accretion
     on preferred stock      48.4          -         -               48.4
      Total expenses      1,407.5      863.9     636.0     125.1  3,032.5

  Pre-tax income (loss)    $315.7     $217.1   $(46.0)     $12.8   $499.6


                           For the Nine Months Ended September 30, 2006

                          OneBeacon    WMRe    Esurance    Other   Total
  Revenues:
    Earned insurance
     and reinsurance
     premiums            $1,458.1     $943.8    $371.5        $- $2,773.4
    Net investment income   144.2      130.6      13.6      23.2    311.6
    Net realized
     investment gains        97.8       48.0       7.0      50.0    202.8
    Other revenue            48.4       38.2       5.7      64.8    157.1
      Total revenues      1,748.5    1,160.6     397.8     138.0  3,444.9

  Expenses:
    Loss and loss
     adjustment expenses    891.3      727.3     265.6       1.7  1,885.9
    Insurance and
     reinsurance
     acquisition expenses   249.8      217.0      95.8         -    562.6
    Other underwriting
     expenses               253.9       70.3      35.9       1.4    361.5
    General and
     administrative expenses 11.6       12.7        .1      95.6    120.0
    Accretion of fair
     value adjustment to
     loss and lae reserves   17.3         .9         -         -     18.2
    Interest expense on debt 34.8        1.2         -        .5     36.5
    Interest expense -
     dividends and accretion
     on preferred stock      43.3          -         -         -     43.3
      Total expenses      1,502.0    1,029.4     397.4      99.2  3,028.0

  Pre-tax income           $246.5     $131.2        .4     $38.8   $416.9



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

                           For the Three Months Ended September 30, 2007

                           OneBeacon    WMRe   Esurance    Other   Total
  Revenues:
    Earned insurance and
     reinsurance premiums  $473.6     $265.8    $196.9        $-   $936.3
    Net investment income    51.5       54.6       7.9      14.9    128.9
    Net realized investment
     gains (losses)          30.7        2.8       0.3     (3.9)     29.9
    Other revenue            10.8       15.0       3.0      31.5     60.3
      Total revenues        566.6      338.2     208.1      42.5  1,155.4

  Expenses:
    Loss and loss
     adjustment expenses    255.8      170.3     165.8         -    591.9
    Insurance and
     reinsurance
     acquisition expenses    74.9       53.3      55.7         -    183.9
    Other underwriting
     expenses                66.4       25.2      11.3        .7    103.6
    General and
     administrative expenses  2.4        5.5         -      35.1     43.0
    Accretion of fair value
     adjustment to loss and
     lae reserves             4.0        1.4         -         -      5.4
    Interest expense on
     debt                    11.4        8.2         -        .2     19.8
    Interest expense -
     dividends and accretion
     on preferred stock      16.3          -         -         -     16.3
      Total expenses        431.2      263.9     232.8      36.0    963.9

  Pre-tax income (loss)    $135.4      $74.3    $(24.7)     $6.5   $191.5


                            For the Three Months Ended September, 2006

                           OneBeacon   WMRe    Esurance    Other   Total
  Revenues:
    Earned insurance and
     reinsurance premiums  $492.6     $285.8    $140.5        $-  $918.9
    Net investment income    48.2       46.1       5.2       9.2   108.7
    Net realized
     investment gains        31.8        6.8       3.5      25.7    67.8
    Other revenue            36.6       31.3       1.8      21.1    90.8
      Total revenues        609.2      370.0     151.0      56.0 1,186.2

  Expenses:
    Loss and loss
     adjustment expenses    292.0      163.1     100.5       2.5   558.1
    Insurance and
     reinsurance
     acquisition expenses    89.0       65.8      34.5         -   189.3
    Other underwriting
     expenses                84.0       24.8      13.5        .5   122.8
    General and
     administrative expenses  4.9        5.6        .1      42.5    53.1
    Accretion of fair value
     adjustment to loss and
     lae reserves             5.8         .8         -         -     6.6
    Interest expense on debt 12.0         .4         -        .5    12.9
    Interest expense -
     dividends and
     accretion on preferred
     stock                   14.9          -         -         -    14.9
      Total expenses        502.6      260.5     148.6      46.0   957.7

  Pre-tax income           $106.6     $109.5      $2.4     $10.0   $228.5



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

                              Nine Months Ended September 30, 2007

                                  OneBeacon                 WMRe   Esurance
                    Specialty Personal Commercial Total
                                  (1)    (2)
  GAAP Ratios
  Loss and LAE            57%     61%    54%       59%       62%    80%
  Expense                 30%     33%    36%       34%       32%    34%
    Total Combined        87%     94%    90%       93%       94%   114%
  Dollars in millions
  Net written
   premiums            $344.2  $535.7 $557.0  $1,437.0   $905.3 $601.4
  Earned premiums      $324.3  $552.1 $531.0  $1,407.5   $870.9 $556.6


                              Nine Months Ended September 30, 2006

                                  OneBeacon                 WMRe   Esurance
                    Specialty Personal Commercial Total
                                  (1)    (2)
  GAAP Ratios
  Loss and LAE            55%     63%    58%       61%      77%    72%
  Expense                 33%     32%    38%       35%      31%    35%
    Total Combined        88%     95%    96%       96%     108%   107%
  Dollars in millions
  Net written
   premiums            $350.1  $626.3 $548.8  $1,526.0 $1,053.6 $436.0
  Earned premiums      $321.0  $624.7 $511.6  $1,458.1   $943.8 $371.5


                             Three Months Ended September 30, 2007

                                  OneBeacon                 WMRe   Esurance
                    Specialty Personal Commercial Total
                                  (1)    (2)
  GAAP Ratios
  Loss and LAE            56%     53%    49%       54%      64%    84%
  Expense                 29%     27%    34%       30%      30%    34%
    Total Combined        85%     80%    83%       84%      94%   118%
  Dollars in millions
  Net written premiums $136.6  $182.5 $192.8    $511.9   $222.3 $208.0
  Earned premiums      $109.1  $181.8 $182.6    $473.6   $265.8 $196.9


                             Three Months Ended September 30, 2006

                                  OneBeacon                 WMRe   Esurance
                    Specialty Personal Commercial Total
                                  (1)    (2)
  GAAP Ratios
  Loss and LAE            54%     60%    56%       59%      57%    72%
  Expense                 35%     33%    37%       35%      32%    34%
    Total Combined        89%     93%    93%       94%      89%   106%
  Dollars in millions
  Net written
   premiums            $142.5  $206.5 $186.3    $536.2   $286.4 $164.4
  Earned premiums      $111.0  $205.5 $175.3    $492.7   $285.8 $140.5

  (1) Includes results of consolidated reciprocals.
  (2) Includes results from runoff operations.


DATASOURCE: White Mountains Insurance Group, Ltd.



CONTACT:  David Foy of White Mountains Insurance Group, Ltd., +1-203-458-

5850



Web site:  http://www.whitemountains.com/ 

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