Bermuda-based White Mountains Insurance Group, Ltd. on Friday announced that it has filed an unallocated universal shelf registration statement with the US Securities and Exchange Commission.

Once the shelf registration statement has become effective, White Mountains and its subsidiaries, Fund American Companies, Inc. and certain statutory trusts (the "Registrants"), may issue in one or more offerings, up to $2 billion of equity and debt securities.

To effect any such sales from time to time, a Registrant will file one or more supplements to the prospectus, which will provide details of any proposed offering.

In addition to the $2 billion of securities registered under the shelf registration statement, White Mountains is also registering possible future sales of up to 677,966 common shares held by advisory clients of Franklin Mutual Advisers, LLC (Franklin) and 84,745 common shares held by advisory clients of Highfields Capital Management, Ltd. (Highfields).

These shares have been included at Franklin's and Highfield's request, pursuant to prior contractual arrangements, to preserve flexibility for Franklin and Highfields to include some or all these shares in any offering of shares in the future pursuant to the registration statement.

Any sale of shares by Franklin or Highfields pursuant to the registration statement can only be made in an underwritten offering initiated by White Mountains. If Franklin or Highfields had not decided to exercise their respective rights to include shares in the registration statement at this time, they would not have had the flexibility to participate in any such offering in the future. White Mountains will not receive any proceeds from any sale of shares by Franklin or Highfields.