White Mountains Book Value Per Share +1.6%

October 31, 2012

Bermuda-based White Mountains Insurance Group, Ltd. reported an adjusted book value per share of $574 at September 30, 2012, which was up 1.6% for the quarter and 6.0% for the first nine months, including dividends.

Ray Barrette, Chairman and CEO, commented, “It was a productive quarter. Solid investment and underwriting results more than offset the GAAP book loss on the sale of the OneBeacon runoff business. Please read my October 18, 2012 letter to shareholders for more insight into that sale.

“Both OneBeacon and Sirius had nice underwriting results, aided by low catastrophe losses. Despite significant U.S. crop losses, Sirius reported an 88% GAAP combined ratio. We completed a thorough reserve review at Sirius and concluded that reserves there remain in good shape.

“Investment returns were good in both fixed income and equities. BAM is off to a nice start, establishing good trading spreads on its first policy versus both an Assured Guaranty wrap and an uninsured issuance. Our balance sheet is strong with significant undeployed capital and we are actively pursuing opportunities.”

Adjusted comprehensive income was $59 million and $173 million in the third quarter and first nine months of 2012, compared to adjusted comprehensive loss of $98 million and $58 million in the third quarter and first nine months of last year.

Net income attributable to common shareholders was $19 million and $139 million in the third quarter and first nine months of 2012, compared to net loss attributable to common shareholders of $16 million and $32 million in the third quarter and first nine months of last year.

Category: All, Business

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