White Mountains profits slump in 2010
White Mountains Insurance Group booked an 80 percent slump in net profits from $470mn in 2009 to $87mn last year, despite a relatively strong performance in its reinsurance division.
The Bermuda-domiciled (re)insurer's chairman and CEO Ray Barrette described 2010 as an "OK year".
White Mountains results were dragged down by the OneBeacon subsidiary's underwriting results, which were attributed to a poor showing from business that the group recently exited.
OneBeacon reported a 101 percent combined ratio for the year, which...
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