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White Mountains Reports Results of Shareholder Vote

May 27, 2010 at 8:04 AM EDT

HAMILTON, Bermuda, May 27, 2010 /PRNewswire via COMTEX/ --White Mountains Insurance Group, Ltd. (NYSE: WTM) Annual General Meeting of Members was held on May 26, 2010.

Members approved all proposals submitted to them including the following:




          Election of Class I Directors to a term ending in
    __    2013:
          -  Morgan W. Davis
          -  Edith E. Holiday
          -  Lowndes A. Smith
          Election of directors of certain of the Company's
    __    subsidiaries
          Approval of amendments to and performance criteria
    __    in, the Company's Long-term Incentive Plan
          Approval of amendments to the terms of options
    __    granted to the Chairman & CEO
          Appointment of PricewaterhouseCoopers as independent
    __    registered public accounting firm




Chairman and Chief Executive Officer Ray Barrette said, "We are once again gratified with the approval our owners have shown us by their vote. We will continue to strive to achieve results worthy of their confidence and on-going support."

ADDITIONAL INFORMATION

White Mountains 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 the Company's web site located at http://www.whitemountains.com/.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This 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':

  • changes in adjusted 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' 2009 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;
  • actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
  • 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 publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: David Foy
Tel: (203) 458-5850

SOURCE White Mountains Insurance Group, Ltd.