Fitch affirms White Mountains

Fitch Ratings said it affirmed White Mountains Insurance Group, Ltd.'s issuer default rating at BBB+ and 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 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 is stable.

The affirmations reflect the company's solid capitalization, reduced financial leverage and disciplined underwriting approach, according to Fitch.

Ratings also reflect the company's sizable levels of run-off reserves and asbestos and environmental exposure and strategy of continually evaluating the best use of its financial resources and actively managing and deploying its capital with an opportunistic approach, the agency noted.

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