White Mountains Re Announces Senior Management Changes
HAMILTON, Bermuda, Aug. 7 /PRNewswire-FirstCall/ -- White Mountains Re, Ltd., the Bermuda based reinsurance unit of the White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today several senior management appointments. Chuck Chokel, previously Managing Director and General Auditor at White Mountains Insurance Group, Ltd. has become Managing Director and Chief Financial Officer at White Mountains Re and will be responsible for all financial functions for the reinsurance unit. Mike Tyburski has been appointed President of White Mountains Re Services, Inc., the reinsurance organizations' unit that provides a broad range of administrative and functional services across the group, throughout the world. Mike was previously a Managing Director at White Mountains Re. Christine Repasy has joined the reinsurance group as a managing Director and will serve as General Counsel. Previously, Christine was Associate General Counsel of White Mountains Insurance Group and Director of Litigation. Bill Hunter has joined the reinsurance organization as a Managing Director and will assume broad operational and marketing responsibilities including Enterprise Risk Management. Previously, Bill has held executive roles at companies in both the reinsurance and information technology sectors, and spent a number of years as a management consultant with McKinsey and Company, Inc.
Tom Hutton, President and CEO of White Mountains Re, commenting on the assignments said, "We are thrilled to have attracted such high caliber executives to the management team at White Mountains Re. In our industry, the greatest competitive advantages stem from people and intellectual capital. This group will provide us with a tremendous boost, and will set a high standard across the company."
ADDITIONAL INFORMATION
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 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' 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
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: Michael Tyburski
Tel: (201) 631-3304
SOURCE White Mountains Insurance Group
-0- 08/07/2006
/CONTACT: Michael Tyburski for White Mountains Insurance Group,
+1-201-631-3304/
/Web site: http://www.whitemountains.com /
(WTM)
CO: White Mountains Insurance Group
ST: Bermuda
IN: FIN INS
SU: PER
EM
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