Dwight Evans to Join White Mountains Re Team
HAMILTON, Bermuda, Aug. 6 /PRNewswire-FirstCall/ -- White Mountains Re Ltd., the Bermuda-based reinsurance unit of White Mountains Insurance Group, Ltd. (NYSE: WTM), announced today that Dwight Evans has joined the organization as Executive Vice President - Global Reinsurance. Subject to the approval of Bermuda's immigration authorities, Mr. Evans will also become President and Chief Executive Officer of White Mountains Re's Bermuda-based subsidiary, White Mountains Re Underwriting Services Ltd.
Mr. Evans was Chairman and CEO of Arch Worldwide Reinsurance Group from 2001 through 2005, where he built a successful, multi-class, Bermuda-based underwriting platform. From 1983 to 1998, Mr. Evans was Executive Vice President - Underwriting at F&G Re Inc. In 1998, F&G Re was sold to St. Paul Re, where Mr. Evans remained through 2001. Most recently, Mr. Evans headed LightKeeper Specialty Inc., a mono-line start-up company.
Allan Waters, President and CEO of White Mountains Re, said, "We are excited to have Dwight join the team. His long, proven track record in the reinsurance industry will be highly valued in our organization. In his role as EVP at the group level, Dwight will provide experienced stewardship of our global underwriting strategies. And as CEO of our newly capitalized Bermuda operations, he will supply the strong leadership needed to successfully develop that leg of our business."
White Mountains Re's principal operating subsidiaries are New York-based Folksamerica Reinsurance Company, Stockholm-headquartered Sirius International Insurance Corporation, and its previously mentioned Bermuda subsidiaries. In aggregate, the group represents over $2.7 billion in regulatory capital and wrote in excess of $2 billion of gross premiums during 2006.
ADDITIONAL INFORMATION
White Mountains Re Ltd. is a Bermuda holding company whose operating companies offer lead reinsurance capacity for property, casualty, accident & health, aviation, credit and marine exposures. White Mountains Insurance Group, Ltd. is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. Additional financial information and other items of interest are available at White Mountains' web site located at http://www.whitemountains.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains':
-- growth in book value per share or return on equity;
-- business strategy;
-- financial and operating targets or plans;
-- incurred losses and the adequacy of its loss and loss adjustment
expense reserves and related reinsurance;
-- projections of revenues, income (or loss), earnings (or loss) per
share, dividends, market share or other financial forecasts;
-- expansion and growth of our business and operations; and
-- future capital expenditures.
These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- the risks associated with Item 1A of White Mountains' 2006 Annual
Report on Form 10-K;
-- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods or terrorist attacks;
-- the continued availability of capital and financing;
-- general economic, market or business conditions;
-- business opportunities (or lack thereof) that may be presented to it
and pursued;
-- competitive forces, including the conduct of other property and
casualty insurers and reinsurers;
-- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains, its competitors or its
clients;
-- an economic downturn or other economic conditions adversely affecting
its financial position;
-- recorded loss reserves subsequently proving to have been inadequate;
-- other factors, most of which are beyond White Mountains' control.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Christine Repasy
Tel: (203) 458-5104
SOURCE White Mountains Insurance Group, Ltd.