White Mountains to Sell $1 Billion in Securities, Willis Sets Offer Price

November 9, 2001

Bermuda-based White Mountains Insurance Group Ltd. has filed a shelf registration statement with the SEC covering the future sale of up to $1 billion worth of debt securities, preferred shares and other financial instruments.

The company, which is establishing a new Bermuda-based reinsurer with initial capital of $1 billion (see IJ Website, Nov.5), indicated that the proceeds would be used for general corporate purposes, including capital expenditures and acquisitions.

Willis Group Holdings Ltd. announced that it had set a price of $24.25 per share for the 17,500,000 shares of its common stock that will be sold to the public in a secondary offering by its shareholders (See IJ Website, Oct. 31). The announcement did not specify the amounts each shareholder intended to sell.