WTM Adjusted Book Value Per Share Of $671

July 28, 2015

Bermuda-domiciled White Mountains Insurance Group, Ltd. [WTM] reported an adjusted book value per share of $671 at June 30, 2015, up 1.1% for both the second quarter and first six months of 2015, including dividends.

Ray Barrette, Chairman and CEO, commented, “It was a solid quarter.  Sirius Group reported a 78% combined ratio continuing its long track record of success.  We announced separately this morning that we have signed a definitive agreement to sell Sirius Group for about 127% of book value in cash.

“OneBeacon reported a 95% combined ratio with good premium growth in competitive but disciplined markets.  BAM guaranteed $3.4 billion in par value, up more than 90% over last year, while pricing improved a bit.

“Investments were up 0.4% driven by the US dollar pull back from its recent highs.  Excluding currency effects, results were slightly negative.  Currency translation benefited the quarter by $5 per share, but cost $3 per share through six months.  Our insurance services businesses continue to do well but currently have little impact on our reported results.”

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