White Mts. closes 'tough quarter'.
White Mountains Insurance Group experienced a "tough quarter," in the words of chief executive Ray Barrette, posting a net less of $40 million, or $4.48 par share, compared to a $30 million profit in the first quarter of last year.
The company's main reinsurance arm--White Mountain Re--estimated that it will make $110 million in payments related to the massive earthquake that shuck central Chile earlier this year. The company also lost another $10 million due to a European windstorm. Despite the losses, White Mountains' pretax loss comes to only $15.7 million, thanks to nearly a $30 million boost in revenue.
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|Title Annotation:||The Bottom Line; Mountains Insurance Group's financial report|
|Publication:||New Hampshire Business Review|
|Article Type:||Brief article|
|Date:||May 21, 2010|
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