White Mountains Insurance

The underwriting losses and underwriting related expenses at Esurance, the group’s US based online motor insurer, comprehensively wiped out whatever underwriting profits were generated at OneBeacon and White Mountains Re

The Bermuda based White Mountains Insurance group saw its net income drop by nearly 40.0% from a profit of $673.2mn in 2006 to $407.4mn in 2007. Although the group, which writes insurance and reinsurance business through three main subsidiaries, reduced its overall gross premium income by just under 3.0% last year to $4.2bn, the fall in net profitability was by no means a reflection of the group’s performance over the period.