White Mountains Insurance Group Ltd. posted net income of $92 million for the first quarter of 2007, compared with $96 million for the year-ago period.

Chairman Ray Barrette termed the results “okay” and said that “once again, superior investment results drove our book value growth.”

The Bermuda-based insurance group noted that book value per share of $415 represented a 20 percent increase for the past 12 months.

Net investment income for the first quarter rose to $118 million from $99 million, primarily as a result of a larger invested asset base.

White Mountain subsidiaries' results included:

o One Beacon's pre-tax income nearly doubled to $87 million from $48 million in the same year-ago period. The combined ratio of 98 was a one-point improvement.

o White Mountains Re's pre-tax income declined to $58 million from $84 million in the comparable year ago period, while the combined ratio rose to 99 from 88.

o Esurance's pre-tax loss for the first quarter rose to $9 million compared with $4 million in the same year-ago period, while the combined ratio increased one point to 111.

Special Reports /

White Mountain Net Rises Slightly

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