White Mountains Insurance Reduces Annual Dividend To $1

Aug 29, 2008 (financialwire.net via COMTEX) -- WTM | Quote | Chart | News | PowerRating -- August 29, 2008 (FinancialWire) -- White Mountains Insurance Group, Ltd.'s (NYSE: WTM | Quote | Chart | News | PowerRating) (Current Market Cap: US$4.96 Bil.) board has adopted a new dividend policy under which the company will revert back to declaring a $1 per share annual dividend in the first quarter of each year, rather than its current $2 per share quarterly dividend.

White Mountains chairman and CEO Ray Barrette said, "Given the recent market price of our common shares, we believe reducing our dividend payout and allocating these resources to share repurchases is a better way to maximize shareholder value."

From 2001 to 2004, White Mountains paid a $1 per share annual dividend. In 2005, the company began its previous $2 per share quarterly dividend policy.

Bermuda-based White Mountains is a financial services holding company.

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