White Mountains Insurance Group reported first-quarter net income of $120 million, compared to $94 million in the first quarter of 2012.OneBeacon, a subsidiary of the Bermuda-based White Mountains, posted a combined ratio of 88% for the quarter, compared to 89% last year. OneBeacon’s results for the period included a $15 million after-tax gain from the sale of Essentia Insurance Co. in October 2012.The unit’s first-quarter net written premiums dropped 13% to $265 million. Mike Miller, chief executive officer of OneBeacon, said premiums were down during the quarter due to the compan...
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