This excerpt taken from the WTM 10-Q filed May 2, 2007.
Other Operations Results - Three Months Ended March 31, 2007 versus Three Months Ended March 31, 2006
White Mountains Other Operations segment reported a $4 million pre-tax loss for the first quarter of 2007 compared to a $12 million pre-tax loss for the first quarter of 2006. The decrease in the pre-tax loss is mainly due to lower incentive compensation expense and higher net investment income during the first quarter of 2007 as a result of higher average invested assets within the segment. Additionally, White Mountains recorded a $5 million gain on the sale of 645,262 shares of OneBeacon Ltd. during the quarter. The sale of these shares were to OneBeacon Ltd.s employee stock ownership plan and reduced White Mountains ownership percentage in OneBeacon Ltd. to 71.8% at March 31, 2007, from 72.4% at December 31, 2006. These items were partially offset by $4 million of interest expense incurred on $320 million outstanding under the WTM Bank Facility, which was repaid in March 2007 with a portion of the proceeds received from the WMRe Senior Notes offering.