White Mountains Files to Sell 1.2 Million Shares

May 16, 2002

White Mountains Insurance Group, Ltd., which operates mainly in the Northeastern U.S. from its headquarters in Bermuda, announced that it has filed a registration statement with the Securities and Exchange Commission to sell 1.2 million of its common shares to the public.

“Of the total number of shares, 1.0 million common shares are being sold by White Mountains and 200,000 common shares are being sold by a selling shareholder who is not a member of the Board or the company’s management. White Mountains has granted the underwriters an option to purchase up to an additional 150,000 shares to cover over-allotments, if any,” said the announcement.

The company indicated it would receive none of the proceeds from the selling shareholder, and planned to use the proceeds it did receive “for repayment of borrowings and general corporate purposes including possible acquisitions.”

White Mountains shares on the New York Stock Exchange closed at $372 yesterday up $1.74.

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