HAMILTON, Bermuda, Oct 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- White Mountains Re
Group, Ltd., the Bermuda-based reinsurance unit of White Mountains Insurance
Group, Ltd. (NYSE: WTM), announced today that C. Russell Fletcher III will
join the organization as President and Chief Executive Officer of White
Mountains Re Underwriting Services Ltd., which is the group's Bermuda-based
underwriting advisory company, subject to the approval of Bermuda's
immigration authorities. Mr. Fletcher comes to White Mountains Re with almost
20 years of underwriting experience in the reinsurance sector, including roles
as Chief Underwriting Officer at Montpelier Re (MRH) and Chief Underwriting
Officer -- North America at CAT Limited.
Tom Hutton, President and CEO of White Mountains Re, commenting on Russ's
appointment said, "We are thrilled to have attracted Russ to the team at White
Mountains Re. I have now worked directly with Russ in several situations over
a period of some 15 years. I consider Russ to be one of the truly outstanding
underwriters in the industry. The greatest competitive advantages in our
business stem from our people. The addition of Russ to the team will provide
a tremendous boost to our company."
White Mountains Re Group is comprised of Folksamerica Re (US), Sirius
International (Sweden), White Mountains Underwriting, Ltd. (Ireland) and White
Mountains Re Underwriting Services, Ltd. (Bermuda). In aggregate, the group
represents over $2 billion in regulatory capital, and wrote in excess of $2
billion in gross premium in 2006. The Bermuda team, under Mr. Fletcher's
leadership, will act as the main center of property catastrophe referrals for
White Mountains Re globally.
White Mountains Re Group Ltd. is a Bermuda holding company whose operating
companies offer lead reinsurance capacity for property, casualty, accident &
health, marine, and aviation 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
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;
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' 2005 Annual Report
on Form 10-K and second quarter 2006 Form 10-Q;
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
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
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.