Fitch Withdraws IFS Rating for White Mountains Re Bermuda

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the Insurer Financial Strength (IFS) rating of White Mountains Re Bermuda Ltd. following completion of the company's reorganization of its Bermuda reinsurance operations into a branch of Sirius International Insurance Corporation, based in Sweden, effective Sept. 1, 2009. The ratings of White Mountains Insurance Group, Ltd. and its subsidiaries are not affected by this action. (See complete list of ratings below.) The Rating Outlook remains Negative.

Fitch withdraws the following rating:

White Mountains Re Bermuda Ltd.

--IFS 'A'.

The following ratings remain unchanged by Fitch with a Negative Rating Outlook:

White Mountains Insurance Group, Ltd.

--Issuer Default Rating IDR 'BBB+'.

OneBeacon U.S. Holdings, Inc.

--IDR 'BBB+';

--$612 million 5.875% due May 15, 2013 'BBB'.

White Mountains Re Group, Ltd.

--IDR 'BBB+';

--$400 million 6.375% due March 20, 2017 'BBB';

--$250 million perpetual non-cumulative preference shares 'BBB-'.

OneBeacon Insurance Group and their members IFS 'A':

Atlantic Specialty Insurance Company

AutoOne Insurance Company

AutoOne Select Insurance Company

Camden Fire Insurance Association (The)

Employers' Fire Insurance Company (The)

Essentia Insurance Company

Homeland Insurance Company of New York

Massachusetts Homeland Insurance Company

Northern Assurance Company of America (The)

OneBeacon America Insurance Company

OneBeacon Insurance Company

OneBeacon Lloyd's of Texas

OneBeacon Midwest Insurance Company

Pennsylvania General Insurance Company

Traders & General Insurance Company

York Insurance Company of Maine

--IFS 'A'.

White Mountains Reinsurance Company of America

--IFS 'A-'.

Sirius International Insurance Corporation

--IFS 'A-'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.



Fitch Ratings, Chicago

Brian C. Schneider, CPA, CPCU, +1-312-606-2321

Gretchen K. Roetzer, +1-312-606-2327

Brian Bertsch, +1-212-908-0549 (Media Relations, New York)

brian.bertsch@fitchratings.com

Source: Fitch Ratings