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OneBeacon To Purchase Atlantic Mutual's Commerical Insurance Business

Boston (December 5, 2003) - OneBeacon Insurance Company, a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM), announced it has signed an agreement in principle to acquire the Atlantic Specialty Insurance Company, a subsidiary of Atlantic Mutual, and Atlantic Mutual's commercial insurance business, including the unearned premiums on the acquired book.The overall gross written premium for this book of business totals approximately $450 million.

"This is an exciting new chapter for OneBeacon," said John Cavoores, president and CEO of OneBeacon. "With the acquisition of this segmented middle-market business, we will start underwriting commercial business throughout the United States. This will bring the best of Atlantic Mutual's and OneBeacon's commercial products, services and people to the market. It is a great fit for OneBeacon and I welcome the Atlantic Mutual employees and producers to the OneBeacon organization," added Cavoores.

Consummation of the transaction is subject to regulatory approval and other conditions.

OneBeacon Insurance Group provides property-casualty and select specialty insurance solutions. With roots dating back 170 years and an A.M. Best rating of A (excellent), OneBeacon's wide range of personal, commercial and specialty products and services are sold through select property-casualty independent agents.

OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd., of Hamilton, Bermuda. White Mountains' principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance and reinsurance. The company is publicly traded on the New York Stock Exchange under the symbol "WTM."