White Mountains Insurance Group, Ltd. ended the first quarter of 2003 with profits of $92 million compared to losses of $40 million for the first quarter of 2002.

The company recorded a fully converted tangible book value per share of $267, an annualised increase of 15 percent (including dividends) from $259 at year-end. (2002 losses exclude $660 million of deferred credits brought into income by an accounting change).

Chief executive officer Ray Barrette said, "We are now firing on all cylinders and our tangible book value is growing nicely."

The group's investment portfolio is doing well despite difficult investment markets and included gains from both its fixed maturity and common equity portfolios. White Mountains recorded investment results of $93 million and made $10 million from their investment in Bermuda-based Montpelier Re.

Reinsurance subsidiaries OneBeacon and Folksamerica also achieved underwriting profits in the quarter, although their profits were down from the prior year.