The Bermuda-based White Mountains Insurance Group, Ltd. announced that Allan Waters has been elected CEO of its White Mountains Re Group, Ltd. He succeeds Tom Hutton, who remains Deputy Chairman of the White Mountains Re Board and will serve as a Senior Advisor to Waters.
Ray Barrette, Group Chairman and CEO, expressed his pleasure at having Waters rejoin the Company’s management team. He held various management positions with the Company from its IPO in 1985 until his retirement as CFO in 1998. Waters was elected to the White Mountains Board in November 2005 and previously served on the Board from 2003 to 2004. He remains a director.
Barrette also expressed appreciation for Hutton’s “leadership of White Mountains’ global reinsurance operations over the past year.” He noted that the Company has respected “his desire to spend less time away from his family on the West Coast,” and indicated that he would be continuing his association with the Company.
The bulletin also explained that Waters new role no longer qualifies him as an independent director under NYSE rules. In order to allow the Company to remain in compliance with those rules regarding a majority of independent directors, Steven Fass, a Director since 2000, has agreed to retire from the White Mountains Board.
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