HAMILTON, Bermuda, Feb 10, 2005 /PRNewswire-FirstCall via COMTEX/ -- White Mountains
Insurance Group, Ltd. (NYSE: WTM) announced today that Robert Lusardi is
joining White Mountains' senior management team as Executive Vice President
and Managing Director. Previously, Lusardi spent seven years with XL Capital
Ltd., first as Chief Financial Officer and, most recently, as Chief Executive
Officer -- Financial Products and Services, one of XL's three operating
segments. Prior to joining XL, Lusardi was at Lehman Brothers for 18 years,
where he was a Managing Director and head of the insurance and asset
management investment banking practices.
White Mountains' CEO Ray Barrette said, "Rob has a long history with our
Company, as our lead investment banker at Lehman for a number of years, and
was a key player in many of our major transactions. The broad operating and
financial experience that he acquired at XL in the last few years will serve
us well. We are delighted to welcome Rob to our team. Rob has a broad
mandate to help the team find new opportunities and to do whatever else comes
up where he can add value for our owners."
Lusardi graduated from Oxford University with a BA and MA in engineering
and economics and holds an MBA from Harvard University.
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 http://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 failure of announced acquisitions to enhance shareholder value;
* 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 insurers and
* 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.
David Foy of White Mountains Insurance Group, Ltd., +1-203-453-1681