Exhibit 99.1

 

GRAPHIC

CONTACT: David Foy

(203) 458-5850

 

WHITE MOUNTAINS REPORTS

ADJUSTED BOOK VALUE PER SHARE OF $441

 

HAMILTON, Bermuda (February 4, 2011) — White Mountains Insurance Group, Ltd. reported an adjusted book value per share of $441 at December 31, 2010, an increase of 3% for the fourth quarter of 2010 and 6% for the year, including dividends.

 

Ray Barrette, Chairman and CEO, commented, “We had an OK year.  Investment returns were decent given the conservative positioning of our portfolio.  OneBeacon’s overall underwriting results were dragged down by the businesses it recently exited, but the specialty results were good.  White Mountains Re had a strong finish to the year and a solid year overall, quite a comeback given the Chile earthquake losses early in the year.  Esurance grew nicely at acceptable loss ratios, as both policyholder conversion and retention improved.  Our share repurchase program is working well and added $7 to adjusted book value per share during the year.  Our balance sheet and capital position are strong.  I expect continued soft insurance markets but we are well positioned to take advantage of opportunities as they arise.”

 

Adjusted comprehensive income was $81 million in the fourth quarter of 2010 and $141 million in the year, compared to $91 million in the fourth quarter of 2009 and $560 million last year.  Net income was $73 million in the fourth quarter of 2010 and $87 million in the year, compared to $100 million in the fourth quarter of 2009 and $470 million last year.

 

OneBeacon

 

OneBeacon’s book value per share increased 3% for the fourth quarter of 2010 and 9% for the year, including dividends. The GAAP combined ratio for the fourth quarter of 2010 was 97% compared to 93% for the fourth quarter of last year, while the GAAP combined ratio for 2010 was 101% compared to 94% for last year. OneBeacon has recently exited its personal lines business, which was sold in July 2010, and its non-specialty commercial lines business, which has been in runoff following the sale of the renewal rights to the business in December 2009.  The increase in the combined ratio for the quarter was primarily due to an increase in the expense ratio, reflecting higher acquisition costs in its specialty businesses as compared to the exited businesses and other underwriting expenses that have not decreased proportionately with the reduction in earned premium associated with the exited businesses.  The current accident year loss ratio for the quarter was unchanged, despite higher loss ratios in both specialty and run-off, reflecting the shift in mix toward the better performing specialty business.  The increase in the combined ratio for the year was primarily due to large loss activity and catastrophe losses experienced earlier in the year, particularly in the exited businesses.  OneBeacon’s combined ratio benefited from favorable loss reserve development of 5 points and 3 points for the fourth quarter and full year of 2010, compared to 6 points and 4 points for the fourth quarter and full year of 2009.

 

Mike Miller, CEO of OneBeacon, said, “We are pleased to finish the year with a 9% growth in book value per share. Solid investment results offset poor underwriting results. Our overall 101% combined ratio for the year was driven by adverse results in businesses we recently exited. Our specialty results were solid, at a 94% combined ratio. After returning significant capital to shareholders and reducing our financial leverage, we emerged as a well-capitalized and focused specialty company.”

 


The following information was filed by White Mountains Insurance Group Ltd (WTM) on Friday, February 4, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate White Mountains Insurance Group Ltd's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by White Mountains Insurance Group Ltd.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account