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I find it interesting the disconnect between what White Mountains is doing versus what the market is giving it credit for. According to their latest earnings report they grew book value 1.6% to $447. Kind if like Markel in that losses driven by Japan and New Zealand pushed up the combined ratio.

OneBeacon is interesting. I keep on looking at it as its own company. I mean it trades on the market separately as well and gets a little more credit in relation to its book value. I need to keep an eye on that one...kinda strikes me as a potential special situation type of deal if White Mountains ever decided to spin it completely off.

Here's the release:

http://finance.yahoo.com/news/White-Mountains-Reports-prnews...

Nothing too terribly exciting one way or another. I still think this one is flying under the radar.

Jason
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