WHITE MOUNTAINS RECORDS H1 LOSS OF 37.1M

Bermuda-domiciled re/insurer White Mountains Insurance Group swung to a net loss of $37.1m for the first half of the year from year-earlier net income of $210.6m largely owing to losses from natural and man-made disasters and lower premiums. The group saw claims costs jump by 17.3% to $1.26bn, as earned premiums slid 4.7% down to $1.72bn and the combined ratio for the half rose to 103% from 101%. Results also reflected a 53% drop in realized and unrealized gains to $88.8m and a 15% decline in investment income to $118.1m. US primary insurance unit OneBeacon posted pre-tax income of $10.6m against the year-earlier $218.7m. US storms and other catastrophes helped boost claims costs to $595.6m, up 5.6%, and lift the combined ratio to 105% from 93%. Earned premiums for the half fell 9.9% to $881.5m. White Mountains Re saw H1 earnings fall to $18m from $182.8m a year earlier. The unit's combined ratio jumped 20 full points to 113%, as claims costs jumped 60% to $358.4m and earned premiums fell 1% to $433.7m. White Mountains Re added $20m in losses from the Chilean earthquake during Q2 after posting $110m in losses from that disaster during Q1. It also recorded $9m in Q2 losses from the failed Deepwater Horizon oil rig.