JOHN J.
DALY JOINS AS CEO AND MANAGING
PARTNER
HAMILTON, Bermuda, Oct. 25,
2023 /PRNewswire/ -- White Mountains Insurance Group,
Ltd. (NYSE: WTM) today announced that it has launched White
Mountains Partners ("WM Partners"), a new, wholly-owned business
unit that will provide first institutional capital to family,
founder, and entrepreneur-owned businesses in the essential
services, light industrial, and specialty consumer sectors.
John J. Daly, a former founding
member and principal of Alleghany Capital, has joined WM
Partners as CEO and Managing Partner. The business will seek
to establish majority positions in companies with $10 to $50 million
of EBITDA and intends to deploy up to $500
million of equity capital over time.
Manning Rountree, White Mountains' Chief Executive Officer,
said, "We are pleased to launch WM Partners, which will extend
White Mountains' long-term, value-oriented approach into additional
attractive sectors. We're thrilled to have a high caliber leader
like John at the helm of the new business unit. John has deep
experience in sourcing, executing, and managing control investments
in private businesses within a public company setting."
John J. Daly, White Mountains
Partners' CEO and Managing Partner, said, "I am excited to join
White Mountains, and I am focused on building long-term value for
its shareholders. At WM Partners, we will help families, founders,
and entrepreneurs grow their businesses by delivering flexible
capital, a proven value creation playbook, and a deep understanding
and abiding respect for the unique qualities of their
businesses."
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 symbols "WTM" and "WTM.BH". Additional financial
information and other items of interest are available at White
Mountains' web site located at www.whitemountains.com.
WM Partners is a wholly-owned business unit of White Mountains
and will provide first institutional capital to family, founder,
and entrepreneur-owned businesses in the essential services, light
industrial and specialty consumer sectors. Additional information
is available at WM Partners' web site located at
www.wmpartners.com.
FORWARD-LOOKING STATEMENTS
The foregoing press release contains
"forward-looking statements". The Company intends such statements
to be covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, which address activities,
events or developments which White Mountains or WM Partners expects
or anticipates will or may occur in the future are forward-looking
statements. The words "will", and "expect" and similar expressions
are also intended to identify forward-looking statements. The
Company cannot promise that its expectations in such
forward-looking statements will turn out to be correct because they
are subject to factors beyond its control, including business
opportunities (or lack thereof) that may be presented to it and
pursued; the continued availability of capital and financing;
deterioration of general economic, market or business conditions,
including due to outbreaks of contagious disease (including the
COVID-19 pandemic) and corresponding mitigation efforts; and
competitive forces and changes in laws or regulations.
CONTACT: Rob Seelig
(603) 640-2212
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SOURCE White Mountains Insurance Group, Ltd.