- Will Have Dual Role at Corporate and Reinsurance Levels
HAMILTON, Bermuda, Sept. 8 /PRNewswire-FirstCall/ -- White Mountains
Insurance Group, Ltd. (NYSE: WTM) announced today that Jeff Davis will become
Senior Vice President and Chief Actuary of White Mountains. He will also be
Executive Vice President and Chief Actuary of White Mountains Re Ltd.
Since 2005, Mr. Davis has been Head of Central Reserving for Munich Re,
with responsibility for $50 billion of worldwide reserves. Mr. Davis began
his actuarial career at Nationwide and originally joined Munich Re in 1999 at
its subsidiary Munich American Re.
David Foy, Executive Vice President and CFO of White Mountains, said, "We
are excited to have Jeff join our group. He will oversee all actuarial
functions in the group. He brings a strong technical background and a solid
track record to our management team."
Allan Waters, President and CEO of White Mountains Re Ltd., said, "Jeff
has a breadth of global reinsurance experience and has successfully undertaken
many challenges in his career. In his dual role, he will significantly
strengthen our reinsurance team and still benefit all of our operations."
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. 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, White Mountains Reinsurance
Company of America, Sirius International Insurance Corporation and White
Mountains Re Bermuda, Ltd. 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 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' 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 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.
David Foy, +1-203-453-1681,
or Christine Repasy,
both of White Mountains Insurance Group, Ltd./
SOURCE White Mountains Insurance Group, Ltd. /Web site: http://www.whitemountains.com /