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White Mountains Reports Adjusted Book Value Per Share of $353
HAMILTON, Bermuda - 06 February, 2009 -White Mountains Insurance Group, Ltd. (NYSE: WTM) reported an adjusted book value per share of $353 at December 31, 2008, a decrease of 20% for the year, including dividends. Adjusted book value per share decreased by 8% in the fourth quarter, excluding the $22 per share reduction resulting from the completion in October of the exchange transaction with Berkshire Hathaway.
Ray Barrette, Chairman and CEO, commented, "The global financial crisis had a significant impact on White Mountains' results in the fourth quarter. We incurred large losses in our equity portfolio and Life Re business, which were partially offset by strong underwriting results and a significant tax benefit from our capital structure. We have taken several steps to protect our capital from further deterioration, including reduced exposure to equities and property catastrophes. White Mountains' overall capital adequacy remains strong and supportive of our ratings."
Adjusted comprehensive net loss in the fourth quarter of 2008 was $323 million, compared to adjusted comprehensive net income of $127 million in the fourth quarter of last year. Adjusted comprehensive net loss in 2008 was $749 million, compared to adjusted comprehensive net income of $481 million in 2007.
Net loss in the fourth quarter was $213 million, compared to net income of $101 million in the fourth quarter of last year. Net loss in 2008 was $555 million, compared to net income of $407 million in 2007.
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. For the complete details of this Press Relesae and other items of interest please visit the Company's website located at http://www.whitemountains.com.
The Company expects to file its Form 10-K with the Securities and Exchange Commission on or before March 2, 2009 and urges shareholders to refer to that document for more complete information concerning White Mountains' financial results.
