HAMILTON, Bermuda, April 12 /PRNewswire-FirstCall/ -- White Mountains Re
Group, Ltd., a wholly owned subsidiary of White Mountains Insurance Group,
Ltd. (NYSE: WTM), today announced that it had agreed to sell its Sirius
America subsidiary to an investor group led by Lightyear Capital. As part of
the transaction, White Mountains will acquire an equity interest of
approximately 18% in the acquiring entity.
White Mountains Re acquired Sirius America in 2004 as part of its
acquisition of the Sirius group. Sirius America is a Delaware-domiciled
primary underwriter of program specialty insurance. The transaction, which is
subject to regulatory and other conditions, is expected to close during the
summer of 2006.
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 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:
* 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.
Tel: (201) 631-3304
SOURCE White Mountains Insurance Group, Ltd.
CONTACT: Michael Tyburski of White Mountains Insurance Group, Ltd.,