Joe Steinberg Resigns from Board
HAMILTON, Bermuda, June 20 /PRNewswire-FirstCall/ -- The Board of
Directors of White Mountains Insurance Group, Ltd. (NYSE: WTM) today elected
A. Michael Frinquelli as a Director of the Company.
Mr. Frinquelli is a private investor who has significant experience in the
insurance sector. Until 2004, Mr. Frinquelli was a general partner of
Renaissance Executive Partners, a hedge fund specializing in investments in
the insurance industry, which he co-founded in April 1997. Previously, he was
a managing director at Merrill Lynch and a managing director at Salomon
Brothers. Mr. Frinquelli was on Institutional Investor Magazine's "All
American" team for insurance from 1979 to 1996. He is a Chartered Financial
Analyst, a member of the Association for Investment Management and Research,
and former president of the Association of Insurance and Financial Analysts.
Mr. Frinquelli is a director of Primus Financial Products Inc.
CEO Ray Barrette said, "We are pleased to welcome Mike to our Board. He
is a knowledgeable director with over 30 years experience as an insurance
industry financial analyst and will be a valuable addition to our Board."
The Board of Directors also accepted the resignation of Joe Steinberg from
the Board effective June 20, 2005. Chairman George Gillespie said, "Joe has
contributed considerable financial acumen and wisdom to our board
considerations. We will miss his candid counsel."
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 "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':
* 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:
* 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.
CONTACT: David Foy of White Mountains Insurance Group, Ltd.,
Web site: http://www.whitemountains.com