White Mountains Reorganizes Bermuda Reinsurance Unit


HAMILTON, Bermuda (July 31, 2009) – White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it is reorganizing its reinsurance business by converting its Bermuda reinsurance operations into a branch of White Mountains Re Sirius. Warren Trace, currently President and CEO of White Mountains Re Bermuda, will remain in charge of the Bermuda branch operations, reporting to Goran Thorstensson, President and CEO of Sirius. The reorganization is expected to be effective on September 1, 2009 following receipt of required regulatory approvals.

Allan Waters, President and CEO of White Mountains Re, said “This reorganization keeps our successful Bermuda reinsurance team in place while bringing the security of the whole Sirius balance sheet to our clients in Bermuda. Our team is excited about the new structure and looks forward to continuing our strong relationships with all our brokers and clients.”

White Mountains Re will contribute in excess of $200 million of capital to Sirius, which will have in excess of $1.6 billion of regulatory capital on a pro forma basis as of June 30, 2009. In addition, approximately $400 million of capital will be upstreamed to the White Mountains Re and White Mountains holding companies.

White Mountains Reinsurance Company of America will remain under the direction of Dwight Evans as President and CEO. The White Mountains Re America underwriting platform and regulatory capitalization, which approximated $750 million as of June 30, 2009, will not be affected by the reorganization.

Additional Information

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. Additional financial information and other items of interest are available at the Company's web site located at www.whitemountains.com

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