History

Four European mutual companies formed White Mountains Reinsurance Company of America (formerly Folksamerica Reinsurance Company) in 1980. Since then, White Mountains Reinsurance Company of America has employed a focused, forward-looking strategy that has provided a foundation for our growth, strengthened our financial position and established our reputation for quality. Under the leadership of White Mountains Reinsurance Company of America Chairman Steven Fass, who took the helm in 1984, White Mountains Reinsurance Company of America experienced disciplined growth and attracted the interest of White Mountains Insurance Group, Ltd.

White Mountains made its initial investment in White Mountains Reinsurance Company of America in June of 1996 when it acquired a 50% ownership interest and became a wholly-owned subsidiary in August of 1998. In 2001, White Mountains Reinsurance Company of America received additional support from White Mountains, which boosted its GAAP equity to the $900 million level. This contribution nearly doubled the size of White Mountains Reinsurance Company of America and greatly enhanced its strong position in a rapidly changing reinsurance marketplace.

White Mountains Reinsurance Company of America's growing success was also a result of significant acquisition activity. From 1991 to 2004, a time period in which White Mountains Reinsurance Company of America's surplus grew from $113 million to nearly $1 billion, White Mountains Reinsurance Company of America acquired nine companies.

In December 2001, White Mountains Reinsurance Company of America began a strategic partnership quota share agreement with Olympus Re, a new property reinsurance company domiciled in Bermuda and capitalized with over $500 million. The additional capital investment by White Mountains, and the support of Olympus Re capital, propelled White Mountains Reinsurance Company of America to become a lead reinsurer.

After White Mountains Insurance Group, Ltd. acquired Sirius International in 2004, there was a need to oversee their global reinsurance operations under one management team. As a result, White Mountains Re Group, Ltd. was created and White Mountains Reinsurance Company of America is a large and integral affiliate of this global reinsurance operation. For more information on White Mountains Re Group, Ltd., visit www.wtmre.com