BSX Gives Nod to Secondary Listing of Common Shares of White Mountains Insurance Group Ltd.

October 9, 2003

The Listing Committee of the Bermuda Stock Exchange announced the approval of the listing of up to 12,246,680 Common Shares of White Mountains Insurance Group, Ltd.

White Mountains was originally formed as a Delaware corporation in 1980. In October 1999, White Mountains completed a corporate reorganization that changed its domicile from Delaware to Bermuda. White Mountains’ Common Shares received a primary listing on the New York Stock Exchange in October 1985.

The BSX listing is a secondary listing and is effective from Sept. 2003.

The company is an insurance holding company whose principal businesses are conducted through its subsidiaries and affiliates in property and casualty insurance and reinsurance. During the six months ended June 30, 2003, White Mountains underwrote $1.56 billion in earned insurance and reinsurance premiums. Shareholders’ equity at June 30, 2003 was $2.87 billion.

The listing of the Common Shares of White Mountains was sponsored by LOM Capital Limited.

White Mountains’ Chairman, Jack Byrne, noted, “White Mountains is delighted to be the newest member of the Bermuda Stock Exchange. We are proud of our Bermuda home and are pleased to be a recognized member of such a respected international organization and the Bermuda business community.”

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