Fitch affirms White Mountains

Fitch Ratings said it affirmed White Mountains Insurance Group, Ltd.'s issuer default rating at BBB+, along with OneBeacon U.S. Holdings, Inc.'s issuer default rating at BBB+ and $420 million 5.875% due May 15, 2013 at BBB.

The agency also said it affirmed White Mountains Re Group, Ltd.'s issuer default rating at BBB+, $400 million 6.375% due March 20, 2017 at BBB and $250 million perpetual non-cumulative preference shares at BB+.

The outlook has been revised to stable from negative.

The outlook revision reflects the company's improvement in capitalization and earnings, reduced financial leverage and lower investment risk, Fitch said.

The ratings continue to reflect its disciplined underwriting and operating strategy, solid management team and recent favorable loss reserve development, the agency said.

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