Exhibit 99

                                  PRESS
                                  RELEASE

                                  CONTACT: Terry Baxter
                                  603-640-2229


                            WHITE MOUNTAINS COMPLETES
                             BERMUDA REDOMESTICATION

HANOVER, New Hampshire/ HAMILTON, Bermuda, October 25, 1999 - White Mountains
Insurance Group today completed its previously announced redomestication from
Delaware to Bermuda. Shareholders gave final approval to the transaction on
October 22nd.

White Mountains' President and CEO Tom Kemp said, "We have completed a
significant milestone in our corporate development. We are pleased to be joining
a distinguished group of Bermuda-based international insurance industry
leaders."

The reorganization is structured to be tax-free to shareholders. Shareholders
automatically will become holders of White Mountains Insurance Group, Ltd, the
new Bermuda company, which will continue to trade on the New York Stock Exchange
as "WTM." The management and business operations of White Mountains will not be
significantly changed. The Company can still be contacted at 80 South Main
Street, Hanover, New Hampshire, or at Clarendon House, 2 Church Street,
Hamilton, Bermuda.

White Mountains Insurance Group, Ltd. (formerly Fund American Enterprises
Holdings, Inc.) can be found at whitemountains.com. It's principal affiliates
are: Financial Security Assurance (FSA) and Folksamerica of New York City; Main
Street America, Keene, New Hampshire; American Centennial Insurance Company,
Wilmington, Delaware, and Peninsula Insurance Company, Salisbury, Maryland.
White Mountains is listed on the New York Stock Exchange under the symbol WTM.




                      White Mountains Insurance Group, Ltd.
                              80 South Main Street
                                Hanover, NH 03755
                                 (603) 643-1567