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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
Geographic Code:1U1NH
Date:May 21, 2010
Words:102
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