White Mountains Insurance Group, Ltd posted adjusted comprehensive net income of $117 million compared with $75 million for the first quarter of 2005 ? helped by a $21 million gain from foreign currency translation compared to a $25 million loss in the first quarter 2005.

The figure includes a change in net unrealised gains and losses from Symetra?s fixed maturity portfolio of $56.8 million in the 2006 quarter compared to $24.5 million in the 2005 quarter.

Chief executive Steve Fass said: ?Our businesses generally performed well in the quarter. White Mountains Re reported an 88 percent combined ratio despite some development from the 2005 storms, reflecting both improved underwriting conditions and generally benign weather patterns during the quarter.

?OneBeacon delivered an underwriting profit, while Esurance continued to grow rapidly at an acceptable loss ratio. Finally, investments had a nice result, especially given the back-up in interest rates that occurred in the quarter. Our equity portfolio continues to outperform.?

White Mountain ended the quarter with a book value per share of $352, up three percent for the quarter and for the past 12 months including dividends.

Net income for the first quarter was $96 million, compared to $176 million in the prior year due primarily to the receipt in the prior year?s first quarter of a $74 million pretax special dividend from Montpelier Re.

Total return on invested assets for the first quarter of 2006 was 1.4 percent, compared to 0.4 percent for the first quarter of 2005.

OneBeacon posted income of $76 million for the first quarter of 2006 compared to $160 million for the first quarter of 2005 which included the same Montpelier Re special dividend. The combined ratio rose to 99 percent in the first quarter 2006 versus 95 percent in the year prior when the results of National Farmer?s Union, which was sold in the third quarter 2005, lowered the combined ratio by two points.

Mike Miller, CEO of OneBeacon said, ?With our Northeast concentration, we historically have had higher combined ratios in personal and commercial lines in the first quarter compared to the full year. I am pleased with the composition of our book and expect us to deliver a solid underwriting profit again in 2006.?

White Mountains Re?s income for the first quarter of 2006 was $84 million, compared to $55 million for the first quarter of 2005. The combined ratio was 88 percent, versus 99 percent for the first quarter of 2005. The company experienced $10 million of pretax net adverse development in the first quarter of 2006, including $8 million, $18 million and $10 million on Hurricanes Katrina, Rita and Wilma, respectively. This was offset by $26 million of favourable development, primarily from property lines that were not impacted by catastrophes. The first quarter of 2005 also contained the impact of European Storm Erwin.

Tom Hutton, CEO of White Mountains Re said: ?Although our premiums are only up slightly, we have taken significant price increases and reduced exposure in catastrophe-prone areas. As a result, we have a less risky book of business than we did at this time last year.?