PR Newswire
HAMILTON, Bermuda, March 2, 2017
HAMILTON, Bermuda, March 2, 2017 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) today announced the election of Manning Rountree as Chief Executive Officer, effective immediately, succeeding Ray Barrette, who is retiring. Mr. Rountree has also been elected to the Company's Board of Directors.
Mr. Barrette also retired as Chairman and as a member of the Board of Directors of the Company. Morgan Davis, the lead independent director of the Board, has been elected non-Executive Chairman.
Mr. Barrette said, "It has been a tremendous honor to serve White Mountains over the past several decades and to have led a terrific team of seasoned and dedicated professionals. I am proud of all that we have achieved."
Mr. Barrette continued, "Rest assured that I am leaving the Company in very capable hands. Manning is an exceptional manager and has all the right skills and experience to take the Company forward. He is the right person to lead the Company at this time."
Mr. Rountree has most recently served as President of White Mountains Capital and previously served as President of WM Advisors from 2009 to 2014. Mr. Rountree joined the Company in 2004.
Mr. Rountree said, "I feel honored to assume leadership of the Company. Ray has been an exceptional business leader throughout his career, responsible for many of our biggest successes. His are big shoes to fill. Ray has been a valued mentor and a good friend over the years, and I am grateful for his continuing guidance as I transition into my new role. There are wonderful opportunities ahead. I look forward to working with our Board and management team to build upon our strong track record of creating shareholder value."
Mr. Davis added, "The Board has been working with Ray for some time to identify his successor and to assure an orderly transition when he decided it was time to retire. On behalf of the Board, I want to thank Ray for his leadership of the Board and his dedication to the Company over many, many years. All of us who have had the privilege of working with Ray have benefited from his vision, passion and energy. We wish Ray and his wife Cyn the best in the next phase of their lives."
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 www.whitemountains.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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 press release which address activities, events or developments which White Mountains expects or anticipates 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:
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 its expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
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 publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: David Foy
Tel: (203) 458-5850
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/white-mountains-announces-election-of-manning-rountree-as-ceo-300416771.html
SOURCE White Mountains Insurance Group, Ltd.
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