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White Mountains Reports Results Of Shareholder Vote

HAMILTON, Bermuda, May 27, 2016 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) Annual General Meeting of Members was held on May 26, 2016.

Members approved all proposals submitted to them including the following:

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Election of Class I Directors to a term ending in 2019:


    -  Morgan W. Davis


    -  Lowndes A. Smith

    -  Gary C. Tolman

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Election of directors of certain of the Company's subsidiaries

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Approval of amendments to the Company's bye-laws to adopt majority voting for uncontested director elections

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Approval of the Company's executive compensation

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Appointment of PricewaterhouseCoopers as independent registered public accounting firm for 2016

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 www.whitemountains.com.

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

The information contained in 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 press release which address activities, events or developments which White Mountains expects or anticipates 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 loss and loss adjustment expenses 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 its 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 with its 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' 2015 Annual Report on Form 10-K;
  • claims arising from catastrophic events, such as hurricanes, earthquakes, floods, fires, terrorist attacks or severe winter weather;
  • 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; and,
  • 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:  David Foy                         
Tel:  (203) 458-5850

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/white-mountains-reports-results-of-shareholder-vote-300275971.html

SOURCE White Mountains Insurance Group, Ltd.