HAMILTON, Bermuda, Dec. 16 /PRNewswire-FirstCall/ -- White Mountains Re
Ltd., the reinsurance unit of White Mountains Insurance Group, Ltd. (NYSE:
WTM), announced today that Chuck Chokel, Chief Financial Officer, will retire
from full-time work at the end of the year. He has agreed to remain a risk
assessment advisor to White Mountains.
Ray Barrette, Chairman & CEO of White Mountains, commented, "Over the last
7 years Chuck has filled many roles within our ever changing organization. He
has demonstrated his broad range of talents and has earned the respect of the
board and management team. We thank him for his flexibility and
contributions. We are glad that he has agreed to remain as an advisor on risk
management, an area where he has demonstrated much insight and wisdom over the
Brian Kensil will be assuming the White Mountains Re Chief Financial
Officer position. He was president of White Mountains Re Services, LLC, the
service organization within WMRe.
Dan Wilson, currently Senior Vice President of Claims at White Mountains
Re America, will become President of White Mountains Re Services LLC,
succeeding Brian Kensil. Ron Henry will succeed Dan Wilson.
Allan Waters, President and CEO of White Mountains Re, commented, "Chuck
has made a huge contribution to the reinsurance group as CFO and has been a
valued senior partner of White Mountains in prior roles. We wish Chuck all the
best in his new endeavors. Brian has been working closely with Chuck and will
be able to undertake a seamless transition into his hew role. Dan Wilson has
a long tenure with White Mountains Re America and has done an outstanding job
as the head of the claims team. He has a great knowledge of the organization
and the Services team will benefit from his leadership."
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
-- 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.
SOURCE White Mountains Insurance Group, Ltd.