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White Mountains Reports Adjusted Book Value per Share of $405
HAMILTON, Bermuda - 31 October, 2008 - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported an adjusted book value per share of $405 at September 30, 2008, a decrease of 9% for the quarter and 6% for the past twelve months, including dividends.
Ray Barrette, Chairman and CEO, commented, "As I stated in our October 13, 2008 pre-announcement, this was a difficult quarter. Our investment performance was the driving factor in our book value decline, with a -5% total return on invested assets, including a 15% drop in our equity and convertible security investments. Underwriting results in the quarter were mixed. OneBeacon's combined ratio was acceptable at 100%, including six points of catastrophe losses. White Mountains Re's combined ratio of 127%, including 44 points of catastrophe losses, was in line with our expectations given the level of cat activity around the world. Esurance showed much improvement with a 102% combined ratio, including one point of catastrophe losses."
For a detailed report go to www.whitemountains.com