HAMILTON, Bermuda, April 23 /PRNewswire-FirstCall/ -- White Mountains Re
Ltd., the Bermuda-based reinsurance unit of White Mountains Insurance Group,
Ltd. (NYSE: WTM), announced today that John D. Liberator, President of
Folksamerica Re Solutions, is leaving the company to pursue personal
interests. Folks Re Solutions is the group's Connecticut-based company
focusing on the acquisition of runoff insurance and reinsurance companies.
Neal Wasserman will succeed Mr. Liberator as President. Mr. Wasserman,
currently Senior Vice President of the company, has over a decade of
experience in the runoff arena and, before helping Mr. Liberator form Folks Re
Solutions in 2000, held various senior finance and claim positions with
Travelers Property Casualty Corporation.
Allan Waters, President and CEO of White Mountains Re Ltd., commenting on
the change said, "John has done an excellent job in finding and closing the
right acquisition opportunities and building an outstanding business. He and
his team have worked together since the early 1990s. Neal has benefited from
John's guidance and leadership which makes him uniquely qualified to assume
this position and contribute to the continuing success of this company. We
are pleased that John has agreed to stay on in an advisory capacity which will
help smooth the transition."
White Mountains Re is a global multi-line reinsurance organization that
provides reinsurance for property, casualty, accident & health, agriculture,
aviation and space and certain other exposures on a world-wide basis through
its subsidiaries, Folksamerica, Sirius International and WMRe (Bermuda).
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
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;
-- 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' 2007 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
-- 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.
CONTACT: Christine Repasy
Tel: (860) 408-7312
SOURCE White Mountains Insurance Group, Ltd.
CONTACT: Christine Repasy for White Mountains Insurance Group, Ltd.,