Fitch affirms White Mountains

Fitch Ratings said it affirmed the BBB+ issuer default rating for White Mountains Insurance Group, Ltd. and its holding company subsidiaries.

The outlook is stable.

The affirmation reflects the company's low financial and operating leverage, opportunistic business approach and favorable financial flexibility, according to the agency.

The ratings also reflect anticipated challenges in the overall competitive, but generally improving property/casualty market rate environment, and sizable levels of run-off reserves and asbestos and environmental exposure that have the potential for adverse reserve development, the agency said.

The ratings reflect White Mountains' disciplined underwriting and operating strategy as the company continually evaluates the best use of its financial resources and actively manages and deploys its capital opportunistically, Fitch said.

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