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White Mountains Withdraws Proposed Secondary Offering Of Montpelier Re Shares

12 12 2004

HAMILTON, Bermuda: March 11, 2004 - White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it and funds managed by Prospector Partners, LLC have decided to withdraw their proposed secondary offering of approximately 4,785,540 common shares of Montpelier Re Holdings Ltd. (NYSE: MRH) pursuant to an effective shelf registration statement. White Mountains and Prospector Partners have indicated that unfavorable market conditions led to the decision to withdraw the proposed offering.

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 web site located at www.whitemountains.com.