Reserve strengthening hits White Mountains

Bermuda-based White Mountains saw its third-quarter net profit drop to $38mn from $82mn for the same period last year as a result of reserve strengthening and losses on its bond portfolio. But operating profit performed well. Earned insurance and reinsurance premiums for the quarter were $788.2mn, down from $878.5mn, while loss expenses fell to $60.5mn from $637.5mn.