White Mountains Elects Directors; Jack Byrne to Chair Executive Committee

November 21, 2003

The Board of Directors of Bermuda-based White Mountains Insurance Group, Ltd. announced the election of Lowndes (Lon) Smith and Allan Waters as directors, and Jack Byrne as Chairman of the Executive Committee.

Smith is the retired Vice Chairman of The Hartford Financial Services Group and President and CEO of Hartford Life Insurance Company. White Mountains CEO Ray Barrette stated, “I am pleased to welcome Lon to our Board. His solid track record in the life insurance and annuity business and his knowledge of property and casualty insurance add a lot of value to our Company.”

Waters is the Founder and Managing Member of Mulherrin Capital Advisors, LLC, a financial services consulting firm, with primary emphasis on the property and casualty insurance business. He was the company’s CFO until 1997. Commenting on his election, Barrette added, “Allan is an old and trusted friend who knows our Company and our businesses well. His experience, judgment and independence of thought are important qualities we welcome as we bring in a new generation of directors.”

The Board also announced the election of George J. Gillespie III as non-executive Chairman effective immediately. Jack Byrne, one of the industry’s most successful executives, who was instrumental in forming and running White Mountains and its OneBeacon subsidiary, was elected Chairman of the Executive Committee.

Commenting on the new board, Byrne stated: “The Company, under Ray Barrette’s and John Gillespie’s partnership, is in capable hands and running smoothly. The transition of your Company to a younger generation continues. Ray became CEO on January 1 and the next step in this process is my relinquishing the Chairman’s duties and bringing on two new directors,” he continued. “George Gillespie has been a trusted partner and a director of the Company for almost 20 years. He has been at my side through all the twists and turns as we remade ourselves several times, all to the great benefit of our owners. George is well respected by our owners and by the Board and will make a strong Chairman.”

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