Jack Byrne Elected Chairman of White Mountains
HAMILTON, Bermuda, May 26 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) today announced that Jack Byrne has been elected Chairman of the Board. Mr. Byrne replaces George Gillespie, who remains a Director. Mr. Gillespie replaced Mr. Byrne as Chairman in November 2003.
Steve Fass, President and CEO, said: "The entire Board thanks George for his diligent leadership and enthusiastically welcomes Jack back to the head of the table."
Jack Byrne added, "George and I have been colleagues and good friends for almost three decades, and I would like to personally thank him for stepping in as Chairman for the past couple of years. I enthusiastically support Steve and the many talented managers at our operating companies and will be their biggest cheerleader going forward. As always, the Board and I will continue to focus our attention on delivering superior returns to our owners."
ADDITIONAL INFORMATION
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 of 1995
The 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
expense reserves and related reinsurance;
-- projections of revenues, income (or loss), earnings (or loss) per
share, dividends, market share or other financial forecasts;
-- expansion and growth of our 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 to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- the risks associated with Item 1A of White Mountains' 2005 Annual
Report on Form 10-K;
-- 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
and pursued;
-- competitive forces, including the conduct of other property and
casualty insurers and reinsurers;
-- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains, its competitors or its
clients;
-- an economic downturn or other economic conditions adversely affecting
its financial position;
-- recorded loss reserves 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: David Foy Tel: (203) 458-5850
SOURCE White Mountains Insurance Group, Ltd.
05/26/2006
CONTACT: David Foy, +1-203-458-5850, of White Mountains Insurance Group
Web site: http://www.whitemountains.com
(WTM)