Fitch affirms White Mountains

Fitch Ratings said it has affirmed and removed from rating watch negative the BBB+ issuer default ratings of White Mountains Insurance Group, Ltd. and the BBB senior debt ratings of White Mountains Re Group, Ltd. and OneBeacon U.S. Holdings, Inc.

The outlook is negative.

White Mountains' issuer default rating and debt ratings were placed on rating watch negative on March 16, reflecting Fitch's view of increased risk following the sizable decline in shareholders' equity in 2008 and resulting increase in financial leverage, and the potential for further near term declines in capital, the agency said.

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