HAMILTON, Bermuda, May 20 /PRNewswire-FirstCall/ -- White Mountains
Insurance Group, Ltd.'s (NYSE: WTM) Annual General Meeting of Members was held
on May 19, 2003.
Members, by a majority vote of at least 98% of the shares voting on each
proposal, voted to: re-elect Ray Barrette, Howard Clark, Robert Cochran and
Arthur Zankel as Class III Directors with terms ending in 2006; approved the
issuance of Common Shares upon conversion of outstanding Convertible
Preference Shares; ratified the appointment of PricewaterhouseCoopers as the
Company's independent auditors for 2003; and, approved each other proposal
presented to the meeting.
President and Chief Executive Officer Ray Barrette said, "We are extremely
pleased and gratified with the support our Owners have shown us by their vote.
We will continue to strive to achieve results worthy of their confidence and
White Mountains is a Bermuda-domiciled financial services holding company
traded on the New York 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
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 "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
* 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
* 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 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 applicable to White
* Mountains, its competitors or its clients;
* an economic downturn or other economic conditions adversely affecting
its financial position;
* loss reserves established 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: Dennis Beaulieu
SOURCE White Mountains Insurance Group, Ltd.
/CONTACT: Dennis Beaulieu for White Mountains Insurance Group, Ltd., +1-
CO: White Mountains Insurance Group, Ltd.
IN: FIN INS
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0091 05/20/2003 16:15 EDT http://www.prnewswire.com