Bermuda-based White Mountains Insurance Group, Ltd. yesterday reported net income for last year of $280.6 million ? a significant decline over the previous year when the company posted $748.1 million in net income.

However, for the fourth quarter the company?s net earnings came in at $146.5 million which was a strong jump on the $44.9 million the group made during the same period a year prior.

In a Press statement, the company said it had ended 2003 with a fully converted tangible book value per share of $291, an increase of 13 percent (including dividends) from $259 at the end of 2002.

Business could also increase in the coming year on the back of White Mountain announcing several acquisitions pending or completed in the fourth quarter. These were the renewal rights to the treaty business of CNA Reinsurance; Atlantic Specialty, the commercial insurance arm of Atlantic Mutual; Sierra Insurance Group, a runoff insurance company, from Sierra Health Services and Sirius Insurance Group, an international reinsurance operation from ABB Holdings, Ltd.

CEO Ray Barrette said: ?We had a solid year in 2003. We achieved terrific underwriting results in all of our ongoing businesses and earned nice returns on our investment portfolio. The drag from runoff operations shaved two to three percentage points from our book value growth, but this drag should essentially be over.

?In the fourth quarter, we were able to carefully capitalise on unique opportunities in each one of our businesses. All these transactions will add significant value for our shareholders and will be financed internally. In addition, Atlantic Specialty and Sirius International will clearly enhance our insurance and reinsurance operations, respectively.?

White Mountain?s diverse group of companies include OneBeacon and on the reinsurance side Folksamerica, Folksamerica Re Solutions, White Mountains Underwriting, Fund American Re and an investment in Bermuda-based reinsurer Montpelier Re.