HAMILTON, Bermuda, June 27 /PRNewswire-FirstCall/ --
White Mountains Insurance Group, Ltd. ("White Mountains") (NYSE: WTM) today
announced that it has filed an unallocated universal shelf registration
statement with the Securities and Exchange Commission. Once the shelf
registration statement has become effective, White Mountains and its
subsidiaries, Fund American Companies, Inc. and certain statutory trusts (the
"Registrants"), may issue in one or more offerings, up to $2 billion of equity
and debt securities. To effect any such sales from time to time, a Registrant
will file one or more supplements to the prospectus, which will provide
details of any proposed offering.
In addition to the $2 billion of securities registered under the shelf
registration statement, White Mountains is also registering possible future
sales of up to 677,966 common shares held by advisory clients of Franklin
Mutual Advisers, LLC ("Franklin") and 84,745 common shares held by advisory
clients of Highfields Capital Management, Ltd. ("Highfields"). These shares
have been included at Franklin's and Highfield's request, pursuant to prior
contractual arrangements, to preserve flexibility for Franklin and Highfields
to include some or all these shares in any offering of shares in the future
pursuant to the registration statement. Any sale of shares by Franklin or
Highfields pursuant to the registration statement can only be made in an
underwritten offering initiated by White Mountains. If Franklin or Highfields
had not decided to exercise their respective rights to include shares in the
registration statement at this time, they would not have had the flexibility
to participate in any such offering in the future. White Mountains will not
receive any proceeds from any sale of shares by Franklin or Highfields.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to
the time the registration becomes effective. This release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such State.
White Mountains is a Bermuda-domiciled financial services holding company
traded on the New York Stock Exchange under the symbol "WTM".
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.
Tel: (203) 453-1681
SOURCE White Mountains Insurance Group, Ltd.
/CONTACT: David Foy of White Mountains Insurance Group, Ltd., +1-203-453-
CO: White Mountains Insurance Group, Ltd.
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9684 06/27/2003 10:59 EDT http://www.prnewswire.com