White Mountains Insurance Group Ltd’s profits rose to from $2.5 million to $11.7 million during the second quarter after the company sold subsidiaries Esurance and Answer Financial to Allstate.The company also reported an adjusted book value per share of $448 at June 30, 2011, up $1 for the quarter.Ray Barrette, chairman and CEO, said: “The main event in the quarter was the agreement to sell Esurance and Answer Financial to Allstate.“Adjusted book value per share grew only $1 in the quarter, as compensation accruals resulting from the Esurance transaction cost about $3 per share.“Gains from the transaction will be booked at closing, which is expected in the fall.“On an operating basis, both OneBeacon and White Mountains Re had profitable underwriting results despite significant tornado losses in the United States.“Investment returns were decent. The overall impact of foreign exchange was slightly negative.“We repurchased about 20,000 shares in the quarter. The board plans to review all aspects of our capital management opportunities at its regular August meeting.”Adjusted comprehensive income was $6 million and $40 million in the second quarter and first six months of 2011 respectively, compared to an adjusted comprehensive loss of $67 million and $118 million in the second quarter and first six months of last year.But the insurer made a net loss of $17 million in the first six months of 2011 versus a net loss of $37 million in the first six months of last year.OneBeacon’s book value per share increased 0.5 percent for the second quarter and 4.1 percent for the first six months of 2011, including dividends.The GAAP combined ratio was 96 percent for both the second quarter of 2011 and the second quarter of last year, as improved non-catastrophe current accident year results were offset by higher catastrophe losses and a higher underwriting expense ratio.Catastrophe losses, principally from severe weather and tornados in the Southeastern and Midwestern US, increased the combined ratio by five points in the second quarter of 2011, compared to two points of catastrophe losses in the second quarter of last year.The GAAP combined ratio was 95 percent for the first six months of 2011 compared to 104 percent for the first six months of last year.The first six months of 2011 had lower catastrophe losses and lower levels of large losses than the first six months of 2010, which were primarily from businesses that OneBeacon exited prior to this year.Catastrophe losses in the first six months of 2011 increased the combined ratio by four points compared to six points in the first six months of last year.Favourable loss reserve development was four points in both the second quarter of 2011 and the second quarter of 2010, while the first six months of 2011 and 2010 each included three points of favorable loss reserve development.Mike Miller, CEO of OneBeacon, said: “Our underwriting results for the quarter were solid despite significant catastrophe activity. Importantly, our non-catastrophe accident year results were strong. Investment returns were one percent, driven by our fixed income portfolio, which remains short-duration. Our specialty business grew nicely as many of the segments we invested in over the past few years gained traction, evidenced by higher renewal retentions, modestly improved pricing and sound new business production.”Net written premiums were $281 million in the second quarter and $559 million in the first six months of 2011, a decrease of 18 percent and 22 percent from the comparable periods of 2010, reflecting the sale of personal lines in 2010. Specialty lines premiums increased by 12 percent for the second quarter and by five percent for the first six months of 2011.During the second quarter, OneBeacon distributed $115 million through a combined regular and special dividend. OneBeacon also repurchased $150 million of its senior notes at an average price of 108 percent of par and recognised a pre-tax loss of $12 million ($8 million after-tax) as a result. OneBeacon’s debt-to-capital at the end of the second quarter was 19 percent.