George Gillespie Elected Non-Executive Chairman
Jack Byrne Elected Chairman of the Executive Committee
HAMILTON, Bermuda, Nov. 20 /PRNewswire-FirstCall/ -- The Board of
Directors of White Mountains Insurance Group, Ltd. (NYSE: WTM) today announced
the election of Lowndes (Lon) Smith and Allan Waters as directors.
Lon Smith is the retired Vice Chairman of The Hartford Financial Services
Group and President and CEO of Hartford Life Insurance Company. During his
tenure, Hartford Life grew to be one of the largest and most profitable life
insurance companies in the United States.
CEO Ray Barrette said, "I am pleased to welcome Lon to our Board. His
solid track record in the life insurance and annuity business and his
knowledge of property and casualty insurance add a lot of value to our
Allan Waters is the Founder and Managing Member of Mulherrin Capital
Advisors, LLC, a financial services consulting firm, with primary emphasis on
the property and casualty insurance business. Allan was formerly the Chief
Financial Officer of the Company, a position he held until 1997.
Barrette added, "Allan is an old and trusted friend who knows our Company
and our businesses well. His experience, judgment and independence of thought
are important qualities we welcome as we bring in a new generation of
The Board also announced the election of George J. Gillespie III as non-
executive Chairman effective immediately. Jack Byrne was elected Chairman of
the Executive Committee.
Jack Byrne said, "The Company, under Ray Barrette's and John Gillespie's
partnership, is in capable hands and running smoothly. The transition of your
Company to a younger generation continues. Ray became CEO on January 1 and
the next step in this process is my relinquishing the Chairman's duties and
bringing on two new directors."
Byrne continued, "George Gillespie has been a trusted partner and a
director of the Company for almost 20 years. He has been at my side through
all the twists and turns as we remade ourselves several times, all to the
great benefit of our owners. George is well respected by our owners and by
the Board and will make a strong Chairman."
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
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 expense
- 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 and
- 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.
SOURCE White Mountains Insurance Group, Ltd.
CONTACT: David Foy of White Mountains Insurance, +1-203-453-1681
Web site: http://www.whitemountains.com