White Mountains Solutions to Acquire Empire Insurance from Leucadia National

 White Mountains Solutions to Acquire Empire Insurance from Leucadia National

PR Newswire

GLASTONBURY, Conn., Feb. 19, 2013

GLASTONBURY, Conn., Feb. 19, 2013 /PRNewswire/ --White Mountains Solutions
Holding Company announced today that it had entered into a definitive
agreement to acquire Empire Insurance Company; a runoff insurance subsidiary
of Leucadia National Corporation (LUK). The transaction is expected to close
during the second quarter of 2013 subject to customary closing conditions and
regulatory approval from the New York Department of Financial Services.

White Mountains Solutions Holding Company is a wholly owned subsidiary of
White Mountains Insurance Group, Ltd. (NYSE: WTM) and the group's specialist
runoff acquisition operation. White Mountains Insurance Group, Ltd. is a
Bermuda-domiciled financial services holding company traded on the New York
Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional
financial information and other items of interest are available on the
company's website at www.whitemountains.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
This press release may contain "forward-looking statements" within the meaning
of Section27A of the Securities Act of 1933 and Section21E of the Securities
Exchange Act of 1934. All statements, other than statements of historical
facts, included or referenced in this release which address activities, events
or developments which we expect or anticipate will or may occur in the future
are forward-looking statements. The words "will," "believe," "intend,"
"expect," "anticipate," "project," "estimate," "predict" and similar
expressions are also intended to identify forward-looking statements. These
forward-looking statements include, among others, statements with respect to
White Mountains':

  ochange in adjusted book value per share or return on equity;
  obusiness strategy;
  ofinancial and operating targets or plans;
  oincurred loss and loss adjustment expenses and the adequacy of its loss
    and loss adjustment expense reserves and related reinsurance;
  oprojections of revenues, income (or loss), earnings (or loss) per share,
    dividends, market share or other financial forecasts;
  oexpansion and growth of our business and operations; and
  ofuture capital expenditures.

These statements are based on certain assumptions and analyses made by White
Mountains in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as other factors
believed to be appropriate in the circumstances. However, whether actual
results and developments will conform to our expectations and predictions is
subject to a number of risks and uncertainties that could cause actual results
to differ materially from expectations, including:

  othe risks associated with Item 1A of White Mountains' 2011 Annual Report
    on Form 10-K and Item 1A in Part II of White Mountains' September 30, 2012
    Quarterly Report on Form 10-Q;
  oclaims arising from catastrophic events, such as hurricanes, earthquakes,
    floods, fires, terrorist attacks or severe winter weather;
  othe continued availability of capital and financing;
  ogeneral economic, market or business conditions;
  obusiness opportunities (or lack thereof) that may be presented to it and
  ocompetitive forces, including the conduct of other property and casualty
    insurers and reinsurers;
  ochanges in domestic or foreign laws or regulations, or their
    interpretation, applicable to White Mountains, its competitors or its
  oan economic downturn or other economic conditions adversely affecting its
    financial position;
  orecorded loss reserves subsequently proving to have been inadequate;
  oactions taken by ratings agencies from time to time, such as financial
    strength or credit ratings downgrades or placing ratings on negative
  oother factors, most of which are beyond White Mountains' control.

Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements, and there can be no assurance
that the actual results or developments anticipated by White Mountains will be
realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, White Mountains or its business or
operations. White Mountains assumes no obligation to publicly update any such
forward-looking statements, whether as a result of new information, future
events or otherwise.

CONTACT: Neal Wasserman, (860) 368-2003

SOURCE White Mountains Insurance Group, Ltd.

Website: http://www.whitemountains.com
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