White Mountains Insurance Group (WTM) Sees Q3 Book Value of $400-$420 Per Share
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White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it expects its adjusted book value per share at September 30, 2008 to be between $400 and $420, a reduction from $444 at June 30, 2008. These results have not been reviewed by the Company's independent auditors and are subject to change.
The reduction is due mainly to a 5% drop in the value of invested assets during the quarter. The total return on fixed maturity investments, including mortgage-backed and asset-backed securities, was -2% to -3% for the quarter, compared to a return of -0.5% for the Lehman Aggregate Index. The total return on equity securities was between -13% and -15%, compared to -8.4% for the S&P 500.
White Mountains Insurance Group, Ltd., through its subsidiaries, operates property and casualty insurance, and reinsurance businesses.
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