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White Mountains Forms White Moutains Re To Manage Global Reinsurance Operations
White Mountains' CEO Ray Barrette said, "With the Sirius acquisition, Steve has built a significant global business for White Mountains. As CEO of White Mountains Re Group, Steve will make sure the operating companies continue the approach he developed at Folksamerica of conservative underwriting, careful capital management and opportunistic acquisitions. He and some of his key partners will now be based in Bermuda to oversee all of our reinsurance operations."
Edward Stanco has been appointed President and CEO of Folksamerica Re, replacing Steve Fass who has been appointed Chairman. Folksamerica Re will continue as the U.S. reinsurance arm of White Mountains Re.
Michael Maloney and Michael Tyburski join Steve Fass as the White Mountains Re holding company team serving as Managing Directors. Both were Executive Vice Presidents at Folksamerica Re.
Ron Stanziale, Senior Vice President and Chief Accounting Officer of Folksamerica Re, has been appointed Chief Financial Officer of Folksamerica Re.
Steve Fass said, "Ed is an outstanding professional with over 30 years of experience in the reinsurance field. At Folksamerica for the last two years, Ed, as Senior Vice President and Chief Domestic Treaty Officer of Folksamerica Re, has demonstrated both his technical skills and his leadership abilities. I am very comfortable about Folksamerica's future with Ed at the helm."
Steve continued, "Mike Tyburski and Mike Maloney are valued partners who have contributed significantly to the success of Folksamerica. Their knowledge and dedication will be invaluable to White Mountains Re."
Through Folksamerica Reinsurance Company, Sirius International Insurance Corporation and White Mountains Underwriting Limited, White Mountains Re offers lead capacity for most property, casualty, accident & health and marine exposures. Program business is written through Sirius America Insurance Company. Underwriting offices are located in New York, Stockholm, Chicago, Belgium, Miami, London, Connecticut, Bermuda, Hamburg, Toronto, Singapore and Dublin.
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.