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Michael Frinquelli Elected To White Mountains' Board -Joe Steinberg Resigns From Board
HAMILTON, Bermuda: June 20, 2005 - 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."
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