Second-quarter profits at White Mountains Insurance Group have dipped just over $13 million year-on-year, with chairman and CEO Ray Barrette referring to the performance as "OK."

The company made a profit of $102.6m compared to $115.8m a year ago.

the group, which includes White Mountains Re, OneBeacon and Esurance, managed to increase its fully diluted tangible book value per share by $422, equivalent to 2.2 percent for the quarter.

Mr. Barrette said: "Once again, our results for the quarter were OK. Our investment team continues to deliver superior results. On the underwriting front, White Mountains Re had a good quarter with a 90 percent combined ratio.

"Esurance had a 113 percent combined ratio reflecting some reserve increases but grew premiums by 42 percent at target loss ratios. OneBeacon grew its ABVPS including dividends by 3.7 percent driven by a 97 percent combined ratio and superior investment returns. We remain focused on delivering mid-teens or higher tangible book value per share growth for the full year."

Adjusted comprehensive net income for the second quarter of 2007 was $90 million, compared to $50 million in the second quarter of last year.

Adjusted comprehensive net income for the first six months of 2007 was $193 million, up from $166 million in the first six months of last year. 2006 results were negatively impacted by the adverse developments on KRW reserves at White Mountains Re.

Net income for the first six months of 2007 was $195 million, down from $212 million year-on-year.

OneBeacon managed to increase its profit for the second quarter by $2m to $94m compared to the same period in 2006.

At White Mountains Re pre-tax income for the second quarter was $85m compared to a loss of $63m in 2006. The combined ratio also improved from 141 percent to 90 percent. In the first six months of this year White Mountains Re has seen $60m of pre-tax catastrophe losses from European windstroms Kyrill and Hanno.