Progress on US Sale

CGNU PLC
5 April 2001


White Mountains Insurance Group Limited has today announced an update on the 
progress of their acquisition of CGNU plc's US general insurance business.  
The release follows.

Enquiries:

Analysts/Investors
Steve Riley, Investor Relations Director          [phone]

Press
Hayley Stimpson, Director of External Affairs     [phone]
Alex Child-Villiers, Financial Dynamics               [phone]



HAMILTON, Bermuda, April 5, 2001 - White Mountains announced today that 
it expects to close in the next 60 days its previously announced acquisition 
of CGNU plc's U.S. property and casualty operations, CGU.

White Mountains' Chairman Jack Byrne reported that 'all elements of the 
transaction are on track and the Form A's have been resubmitted to the 
regulators.'  Bob Gowdy, CGU's President and Chief Executive Officer, added 
'Even though we require regulatory approval in 18 separate states because 
of the location of the subsidiary insurance companies, we are encouraged by 
the co-operation demonstrated amongst the state insurance departments to 
complete their reviews in a timely manner.'

The transaction remains as contemplated by White Mountains' stock purchase 
agreement with CGNU plc, dated September 25, 2000, as subsequently modified.  
A small group of respected investors previously subscribed for approximately 
$741 million in convertible preferred shares and warrants to acquire common 
shares of White Mountains.  In addition, on March 16, 2001, a banking
syndicate arranged by Lehman Brothers Inc. and certain financial institutions 
executed the credit agreement governing $875 million of senior bank financing.

White Mountains expects to complete the purchase of CGU promptly following 
receipt of regulatory approval.

White Mountains is a Bermuda-domiciled financial services holding company 
traded on the New York Stock Exchange under the symbol WTM.  Additional 
financial information and other items of interest are available at the
company's web site located at www.whitemountains.com.

Enquiries:
Dennis Beaulieu               [phone]