White Mountains Insurance Group Ltd., a diversified property-casualty firm, reported first-quarter net income declined to $96 million from $176 million in the comparable 2005 period.
The Bermuda-based holding company attributed the decline primarily to the receipt in the prior year's quarter of a $74 million pretax special dividend from Montpelier Re.
White Mountains reported a combined ratio of 88, which group chairman Steve Fass said came despite some adverse development from the 2005 storms, "reflecting both improved underwriting conditions and generally benign weather patterns in the quarter."
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