White Mountains Reports Adjusted Book Value Per Share of $378
HAMILTON,
Adjusted comprehensive net income was
OneBeacon
OneBeacon's book value per share increased 12% in the second quarter and 15% in the first six months, including dividends. The GAAP combined ratio for the second quarter of 2009 was 93% compared to 94% for the second quarter of last year, while the GAAP combined ratio for the first six months of 2009 was 93% compared to 97% for the first six months of last year. The second quarter and first six months of 2009 included 4 points and 3 points of net favorable loss reserve development compared to 0 points and 1 point of net favorable loss reserve development in the second quarter and first six months of last year.
Net written premiums were
White Mountains Re
White Mountains Re's GAAP combined ratio for the second quarter of 2009
was 87% compared to 114% for the second quarter of last year, while the GAAP
combined ratio for the first six months of 2009 was 83% compared to 104% for
the first six months of last year. Both 2009 periods benefited from minimal
net adverse loss reserve development and lower catastrophe activity. The
second quarter and first six months of 2009 did not include significant loss
reserve development, while the second quarter and the first six months of 2008
included 21 points and 16 points of unfavorable loss reserve development. The
second quarter of 2009 included 4 points of catastrophe losses, net of
reinsurance and reinstatements, primarily from storms in
Controlled premiums, which include policies sold by Answer Financial, were
Other Operations
White Mountains' Other Operations segment's pre-tax loss in the second
quarter was
Investment Activities
The GAAP total return on invested assets for the second quarter and first
six months of 2009 was 4.4% and 4.3%, including 1.0% and 0.4% from currency
gains, compared to 0.6% and 1.2% for the second quarter and first six months
of last year. Net investment income was
Manning Rountree, President of
Additional Information
During the first quarter of 2009, White Mountains adopted FAS No. 160, Noncontrolling Interests-an amendment to ARB 51 ("FAS 160"). As a result, White Mountains has changed the presentation of its financial statements for prior periods to conform to the required presentation, as follows: noncontrolling interests (previously referred to as "minority interests") are now presented on the balance sheets within equity, separate from White Mountains' shareholders' equity, and the portion of net income, extraordinary item and comprehensive income attributable to White Mountains' common shareholders and the noncontrolling interests are presented separately on the consolidated statements of operations and comprehensive income. The adoption of FAS 160 did not impact White Mountains common shareholders' adjusted book value per share.
White Mountains is a
Regulation G
This earnings release includes two non-GAAP financial measures that have been reconciled to their most comparable GAAP financial measures. White Mountains believes these measures to be more relevant than comparable GAAP measures in evaluating White Mountains' financial performance.
Adjusted comprehensive net income is a non-GAAP financial measure that excludes the change in net unrealized gains/(losses) from Symetra's fixed maturity portfolio from comprehensive net income. The reconciliation of adjusted comprehensive net income to comprehensive net income is included on page 8.
Adjusted book value per share is a non-GAAP measure which is derived by expanding the calculation of GAAP book value per White Mountains common share to exclude net unrealized gains/(losses) from Symetra's fixed maturity portfolio. In addition, the number of common shares outstanding used in the calculation of adjusted book value per share are adjusted to exclude unearned shares of restricted stock, the compensation cost of which, at the date of calculation, has yet to be amortized. The reconciliation of adjusted book value per share to book value per share is included on page 7.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains':
-- changes in adjusted book value per share or return on equity;
-- business strategy;
-- financial and operating targets or plans;
-- incurred losses and the adequacy of its loss and loss adjustment
expense reserves and related reinsurance;
-- projections of revenues, income (or loss), earnings (or loss) per
share, dividends, market share or other financial forecasts;
-- expansion and growth of our business and operations; and
-- future capital expenditures.
These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- the risks associated with Item 1A of White Mountains' 2008 Annual
Report on Form 10-K;
-- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods or terrorist attacks;
-- the continued availability of capital and financing;
-- general economic, market or business conditions;
-- business opportunities (or lack thereof) that may be presented to it
and pursued;
-- competitive forces, including the conduct of other property and
casualty insurers and reinsurers;
-- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains, its competitors or its
clients;
-- an economic downturn or other economic conditions adversely affecting
its financial position;
-- recorded loss reserves subsequently proving to have been inadequate;
-- other factors, most of which are beyond White Mountains' control.
Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: David Foy
(203) 458-5850
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions, except share amounts)
(Unaudited)
June 30, December 31, June 30,
2009 2008 2008
--------- --------- ---------
Assets
Fixed maturity investments $5,929.8 $5,480.5 $6,846.4
Common equity securities 262.2 552.7 1,620.6
Short-term investments 2,023.3 2,244.5 1,988.0
Other long-term investments 405.4 416.2 666.5
Convertible fixed maturity
investments 300.3 308.8 414.6
--------- --------- ---------
Total investments 8,921.0 9,002.7 11,536.1
Cash 405.2 409.6 198.3
Reinsurance recoverable on
unpaid losses 2,825.0 3,050.4 3,327.6
Reinsurance recoverable on
paid losses 42.9 47.3 41.2
Funds held by ceding
companies 141.4 163.3 221.0
Insurance and reinsurance
premiums receivable 986.5 835.7 953.3
Securities lending
collateral 92.3 220.0 474.9
Investments in
unconsolidated affiliates 209.0 116.9 289.0
Deferred acquisition costs 329.4 323.0 338.4
Deferred tax asset 567.5 724.0 324.1
Ceded unearned premiums 159.2 111.3 158.8
Value of acquired business
in force - AFI 42.7 51.4 48.8
Accounts receivable on
unsettled investment sales 10.3 78.2 36.5
Goodwill 19.6 19.5 34.4
Other assets 799.0 742.5 721.4
--------- --------- ---------
Total assets $15,551.0 $15,895.8 $18,703.8
========= ========= =========
Liabilities
Loss and loss adjustment
expense reserves $6,999.8 $7,400.1 $7,946.4
Unearned insurance and
reinsurance premiums 1,704.4 1,597.4 1,760.3
Debt 1,271.4 1,362.0 1,520.6
Securities lending payable 96.4 234.8 476.3
Deferred tax liability 309.4 306.0 453.8
Ceded reinsurance payable 158.6 101.3 88.4
Funds held under
reinsurance treaties 55.9 79.1 76.0
Accounts payable on
unsettled investment
purchases 64.4 7.5 72.8
Other liabilities 1,039.3 1,295.1 939.3
--------- --------- ---------
Total liabilities 11,699.6 12,383.3 13,333.9
--------- --------- ---------
White Mountains shareholders'
equity
White Mountains common
shares and paid-in surplus 1,436.2 1,428.2 1,701.7
Retained earnings 1,956.6 1,751.9 2,802.2
Accumulated other
comprehensive income (loss),
after tax:
Equity in unrealized
losses from investments
in unconsolidated
affiliates (1.6) (1.1) (1.1)
Equity in net unrealized
losses from Symetra's
fixed maturity portfolio (120.4) (197.3) (65.3)
Net unrealized foreign
currency translation
(losses) gains and other (66.7) (82.9) 159.8
--------- --------- ---------
Total White Mountains
shareholders' equity 3,204.1 2,898.8 4,597.3
--------- --------- ---------
Noncontrolling interests
Noncontrolling interest -
OneBeacon Ltd. 315.5 283.5 400.0
Noncontrolling interest -
WMRe Group Preference
Shares 250.0 250.0 250.0
Noncontrolling interest -
consolidated limited
partnerships and A.W.G.
Dewar 81.8 80.2 122.6
--------- --------- ---------
Total noncontrolling
interests 647.3 613.7 772.6
--------- --------- ---------
Total equity 3,851.4 3,512.5 5,369.9
--------- --------- ---------
Total liabilities and
equity $15,551.0 $15,895.8 $18,703.8
========= ========= =========
Common shares outstanding
(000's) 8,858 8,809 10,552
WHITE MOUNTAINS INSURANCE GROUP, LTD.
ADJUSTED BOOK VALUE PER COMMON SHARE
(Unaudited)
June 30, March 31, December 31, June 30,
2009 2009 2008 2008
-------- -------- -------- --------
Book value per share numerators
(in millions):
White Mountains common
shareholders' equity $3,204.1 $2,866.2 $2,898.8 $4,597.3
Benefits to be received
from share obligations
under employee stock option
plans (1) 1.1 - 1.1 1.5
-------- -------- -------- --------
Book value per share numerator 3,205.2 2,866.2 2,899.9 4,598.8
Equity in net unrealized
losses from Symetra's fixed
maturity portfolio 120.4 218.3 197.3 65.3
-------- -------- -------- --------
Adjusted book value per
common share numerator $3,325.6 $3,084.5 $3,097.2 $4,664.1
======== ======== ======== ========
Book value per share denominators
(in thousands of shares):
Common Shares outstanding 8,857.6 8,854.1 8,808.8 10,552.4
Share obligations under
employee stock option plans
(1) 6.0 - 6.0 8.7
-------- -------- -------- --------
Book value per share
denominator 8,863.6 8,854.1 8,814.8 10,561.1
Unearned restricted shares (76.9) (83.4) (42.6) (47.8)
-------- -------- -------- --------
Adjusted book value per
common share denominator 8,786.7 8,770.7 8,772.2 10,513.3
======== ======== ======== ========
Book value per common share $361.61 $323.71 $328.97 $435.45
Adjusted book value per
common share $378.48 $351.68 $353.07 $443.64
======== ======== ======== ========
(1) Assumes conversion of in-the-money stock options.
WHITE MOUNTAINS INSURANCE GROUP, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(millions, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2009 2008 2009 2008
------- ------- ------- -------
Revenues:
Earned insurance and
reinsurance premiums $898.3 $921.7 $1,809.7 $1,850.8
Net investment income 77.2 111.7 138.3 228.5
Net realized and unrealized
investment gains (losses) 214.9 (59.1) 191.6 (177.1)
Other revenue 28.5 64.9 45.8 74.9
------- ------- ------- -------
Total revenues 1,218.9 1,039.2 2,185.4 1,977.1
------- ------- ------- -------
Expenses:
Loss and loss adjustment
expenses 528.9 632.7 1,072.1 1,271.4
Insurance and reinsurance
acquisition expenses 179.8 178.8 362.0 365.5
Other underwriting expenses 128.7 127.4 244.1 244.2
General and administrative
expenses 56.8 56.4 112.7 113.1
Accretion of fair value
adjustment to loss and loss
adjustment expense reserves 2.6 4.1 5.1 8.3
Interest expense on debt 18.3 21.7 37.2 41.1
Interest expense - dividends
on preferred stock subject to
mandatory redemption - 4.7 - 11.8
Interest expense - accretion
on preferred stock subject to
mandatory redemption - 11.1 - 21.6
------- ------- ------- -------
Total expenses 915.1 1,036.9 1,833.2 2,077.0
------- ------- ------- -------
Pre-tax income (loss) 303.8 2.3 352.2 (99.9)
Income tax (expense) benefit (88.6) 3.0 (100.9) 35.5
------- ------- ------- -------
Income (loss) before equity in
earnings of unconsolidated
affiliates, extraordinary item 215.2 5.3 251.3 (64.4)
Equity in earnings of
unconsolidated affiliates 8.6 6.0 9.5 6.4
Excess of fair value of
acquired assets over cost - - - 4.2
------- ------- ------- -------
Net income (loss) before
noncontrolling interests 223.8 11.3 260.8 (53.8)
Net (income) loss attributable
to noncontrolling interests (43.5) (20.5) (50.2) (12.2)
------- ------- ------- -------
Net income (loss) attributable
to White Mountains common
shareholders 180.3 (9.2) 210.6 (66.0)
------- ------- ------- -------
Comprehensive income, net of tax:
Change in equity in net
unrealized gains (losses)
from investments in
unconsolidated affiliates 97.6 (40.5) 79.4 (61.0)
Change in foreign currency
translation and other 57.0 (6.3) 18.0 50.2
------- ------- ------- -------
Comprehensive net income (loss)
before noncontrolling interests 334.9 (56.0) 308.0 (76.8)
Comprehensive net (income)
loss attributable to
noncontrolling interests (1.5) (.3) (1.8) -
------- ------- ------- -------
Comprehensive net income (loss)
attributable to 333.4 (56.3) 306.2 (76.8)
------- ------- ------- -------
White Mountains common shareholders
Change in net unrealized
(gains) losses from Symetra's
fixed maturity portfolio (97.9) 39.0 (79.9) 59.7
------- ------- ------- -------
Adjusted comprehensive net
income (loss) $235.5 $(17.3) $226.3 $(17.1)
======= ======= ======= =======
Basic earnings (loss) per share $20.35 $(.87) $23.82 $(6.24)
Diluted earnings (loss) per share $20.35 $(.87) $23.82 $(6.24)
Dividends declared and paid per
common share $- $2.00 $1.00 $4.00
WHITE MOUNTAINS INSURANCE GROUP, LTD.
YTD SEGMENT INCOME STATEMENTS
(in millions)
(Unaudited)
For the Six Months Ended June 30, 2009
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance
and reinsurance
premiums $978.0 $438.1 $393.6 $- $1,809.7
Net investment income 58.0 60.8 12.3 7.2 138.3
Net realized and
unrealized investment
gains 121.5 45.7 21.8 2.6 191.6
Other revenue -
foreign currency
translation gain
(loss) - 31.4 - (1.3) 30.1
Other revenue 10.5 20.2 26.6 (41.6) 15.7
------- ------ ----- ----- -------
Total revenues 1,168.0 596.2 454.3 (33.1) 2,185.4
------- ------ ----- ----- -------
Expenses:
Loss and loss
adjustment expenses 563.7 223.6 284.8 - 1,072.1
Insurance and
reinsurance
acquisition expenses 192.9 90.6 78.5 - 362.0
Other underwriting
expenses 157.0 50.3 36.8 - 244.1
General and
administrative
expenses 12.0 33.4 17.6 40.1 103.1
Amortization of Answer
Financial purchase
accounting adjustments - - 9.6 - 9.6
Accretion of fair value
adjustment to loss and
lae reserves 2.7 2.4 - - 5.1
Interest expense on
debt 21.0 13.1 - 3.1 37.2
------- ------ ----- ----- -------
Total expenses 949.3 413.4 427.3 43.2 1,833.2
------- ------ ----- ----- -------
------- ------ ----- ----- -------
Pre-tax income (loss) $218.7 $182.8 $27.0 $(76.3) $352.2
======= ====== ====== ======= =======
For the Six Months Ended June 30, 2008
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance and
reinsurance premiums $919.1 $513.7 $418.0 $- $1,850.8
Net investment income 94.7 97.9 16.4 19.5 228.5
Net realized and
unrealized investment
losses (58.0) (91.0) (12.3) (15.8) (177.1)
Other revenue -
foreign currency
translation loss - (6.1) - - (6.1)
Other revenue 6.2 .7 15.8 58.3 81.0
------- ------ ----- ----- -------
Total revenues 962.0 515.2 437.9 62.0 1,977.1
------- ------ ----- ----- -------
Expenses:
Loss and loss
adjustment expenses 575.3 369.7 327.1 (.7) 1,271.4
Insurance and
reinsurance
acquisition expenses 169.0 106.8 89.7 - 365.5
Other underwriting
expenses 149.3 56.0 37.6 1.3 244.2
General and
administrative expenses 7.4 9.0 10.7 81.3 108.4
Amortization of Answer
Financial purchase
accounting adjustments - - 4.7 - 4.7
Accretion of fair value
adjustment to loss and
lae reserves 6.0 2.3 - - 8.3
Interest expense
on debt 22.9 13.9 .4 3.9 41.1
Interest expense
- dividends on
preferred stock 11.8 - - - 11.8
Interest expense
- accretion on
preferred stock 21.6 - - - 21.6
------- ------ ----- ----- -------
Total expenses 963.3 557.7 470.2 85.8 2,077.0
------- ------ ----- ----- -------
------- ------ ----- ----- -------
Pre-tax loss $(1.3) $(42.5) $(32.3) $(23.8) $(99.9)
======= ====== ====== ======= =======
WHITE MOUNTAINS INSURANCE GROUP, LTD.
QTD SEGMENT INCOME STATEMENTS
(in millions)
(Unaudited)
For the Three Months Ended June 30, 2009
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance and
reinsurance
premiums $490.2 $210.7 $197.4 $- $898.3
Net investment
income 36.1 31.4 6.2 3.5 77.2
Net realized
and unrealized
investment
gains 127.4 65.8 18.1 3.6 214.9
Other revenue -
foreign
currency
translation
gain (loss) - 26.0 - (1.3) 24.7
Other revenue 1.1 9.2 12.7 (19.2) 3.8
----- ----- ----- ----- -------
Total
revenues 654.8 343.1 234.4 (13.4) 1,218.9
----- ----- ----- ----- -------
Expenses:
Loss and loss
adjustment
expenses 275.7 113.7 139.5 - 528.9
Insurance and
reinsurance
acquisition
expenses 97.0 43.2 39.6 - 179.8
Other
underwriting
expenses 84.3 26.1 18.3 - 128.7
General and
administrative
expenses 6.5 14.7 8.4 22.9 52.5
Amortization of
Answer
Financial
purchase
accounting
adjustments - - 4.3 - 4.3
Accretion of
fair value
adjustment to
loss and lae
reserves 1.3 1.3 - - 2.6
Interest
expense on
debt 10.1 6.5 - 1.7 18.3
----- ----- ----- ---- -----
Total
expenses 474.9 205.5 210.1 24.6 915.1
----- ----- ----- ---- -----
------ ------ ----- ------ ------
Pre-tax income
(loss) $179.9 $137.6 $24.3 $(38.0) $303.8
====== ====== ===== ====== ======
For the Three Months Ended June 30, 2008
OneBeacon WMRe Esurance Other Total
----------- ------ ---------- ------- -------
Revenues:
Earned insurance
and reinsurance
premiums $463.8 $246.9 $211.0 $- $921.7
Net investment income 44.6 47.4 8.5 11.2 111.7
Net realized and
unrealized investment
losses (2.6) (38.5) (5.2) (12.8) (59.1)
Other revenue -
foreign currency
translation gain - 7.0 - - 7.0
Other revenue 2.6 .5 12.7 42.1 57.9
----- ----- ----- ---- -------
Total revenues 508.4 263.3 227.0 40.5 1,039.2
----- ----- ----- ---- -------
Expenses:
Loss and loss
adjustment expenses 274.4 201.5 158.7 (1.9) 632.7
Insurance and
reinsurance
acquisition expenses 84.3 51.2 43.3 - 178.8
Other underwriting
expenses 79.2 29.0 18.6 .6 127.4
General and
administrative
expenses 4.5 3.9 10.1 33.2 51.7
Amortization of Answer
Financial purchase
accounting adjustment - - 4.7 - 4.7
Accretion of fair value
adjustment to loss and
lae reserves 3.0 1.1 - - 4.1
Interest expense on
debt 11.4 7.0 .4 2.9 21.7
Interest expense -
dividends on
preferred stock 4.7 - - - 4.7
Interest expense -
accretion on
preferred stock 11.1 - - - 11.1
----- ----- ----- ---- -------
Total expenses 472.6 293.7 235.8 34.8 1,036.9
----- ----- ----- ---- -------
----- ------ ----- ---- ----
Pre-tax income (loss) $35.8 $(30.4) $(8.8) $5.7 $2.3
===== ====== ===== ==== ====
WHITE MOUNTAINS INSURANCE GROUP, LTD.
SUMMARY OF GAAP RATIOS AND PREMIUMS
(Unaudited)
OneBeacon
---------
Three Months Ended June 30, 2009
--------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 48% 54% 67% 56%
Expense 40% 39% 32% 37%
------ ------ ------ ------
Total GAAP Combined 88% 93% 99% 93%
=================== ====== ====== ====== ======
Dollars in millions
------------------- ------ ------ ------ ------
Net written premiums $176.7 $183.2 $137.9 $497.9
Earned premiums $171.5 $172.5 $146.1 $490.2
--------------- ------ ------ ------ ------
OneBeacon Three Months Ended June 30, 2008
--------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 49% 54% 65% 59%
Expense 37% 36% 33% 35%
------ ------ ------ ------
Total Combined 86% 90% 98% 94%
=================== ====== ====== ====== ======
Dollars in millions
------------------- ------ ------ ------ ------
Net written premiums $158.6 $202.2 $168.9 $529.6
Earned premiums $119.4 $182.7 $161.7 $463.8
--------------- ------ ------ ------ ------
White Mountains Re Esurance
------------------ --------
Three Months Ended Three Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
------ ------ ------ ------
GAAP Ratios
Loss and LAE 54% 82% 71% 75%
Expense 33% 32% 29% 30%
------ ------ ------ ------
Total Combined 87% 114% 100% 105%
=================== ====== ====== ====== ======
Dollars in millions
------------------- ------ ------ ------ ------
Gross written premiums $224.0 $241.5 $180.6 $198.5
Net written premiums $191.7 $215.3 $180.1 $197.7
Earned premiums $210.7 $246.9 $197.4 $211.0
--------------- ------ ------ ------ ------
OneBeacon
---------
Six Months Ended June 30, 2009
------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 40% 56% 78% 57%
Expense 39% 38% 30% 36%
------ ------ ------ ------
Total GAAP
Combined 79% 94% 108% 93%
=================== ====== ====== ====== ======
Dollars in millions
------------------- ------ ------ ------ ------
Net written
premiums $355.4 $342.1 $269.6 $967.3
Earned premiums $334.2 $347.3 $296.3 $978.0
--------------- ------ ------ ------ ------
OneBeacon Six Months Ended June 30, 2008
------------------------------
Specialty Commercial Personal Total (1)
--------- ---------- -------- ---------
GAAP Ratios
Loss and LAE 53% 63% 65% 63%
Expense 34% 37% 32% 34%
------ ------ ------ ------
Total Combined 87% 100% 97% 97%
=================== ====== ====== ====== ======
Dollars in millions
------------------- ------ ------ ------ ------
Net written
premiums $269.5 $371.9 $313.6 $955.3
Earned premiums $229.8 $363.7 $325.3 $919.1
--------------- ------ ------ ------ ------
White Mountains Re Esurance
------------------ --------
Six Months Ended Six Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
------ ------ ------ ------
GAAP Ratios
Loss and LAE 51% 72% 73% 78%
Expense 32% 32% 29% 31%
------ ------ ------ ------
Total Combined 83% 104% 102% 109%
=================== ====== ====== ====== ======
Dollars in millions
------------------- ------ ------ ------ ------
Gross written
premiums $624.3 $688.4 $394.8 $429.7
Net written
premiums $501.0 $574.9 $393.7 $428.0
Earned premiums $438.1 $513.7 $393.6 $418.0
--------------- ------ ------ ------ ------
(1) Includes results from runoff operations.
SOURCE
CONTACT:
+1-203-458-5850