Fass to Head New White Mountains Reinsurance Group

April 20, 2004

Bermuda-based White Mountains Insurance Group, Ltd. announced the formation of White Mountains Re Group, Ltd., a Bermuda-based holding company, and the appointment of Steven Fass as its President and CEO.

White Mountains Re will combine Folksamerica Re, Fund American Re and White Mountains Underwriting with the newly acquired Sirius Insurance Group (See IJ Website April 19) to form a cohesive, global reinsurance organization.

The bulletin noted that the group’s “reinsurance operations now have combined regulatory capital of approximately $2 billion and over $2 billion in gross premiums. White Mountains Re will rank among the top 15 reinsurance organizations in the world.”

White Mountains’ CEO Ray Barrette commented: “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.”

The bulletin also noted that Edward Stanco has been appointed President and CEO of Folksamerica Re, replacing 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 will join Fass as the White Mountains Re holding company team serving as Managing Directors. Both were Executive Vice Presidents at Folksamerica Re. Ron Stanziale, Senior VP and Chief Accounting Officer of Folksamerica Re, has been appointed as its Chief Financial Officer.

Commenting on the reorganization, Fass indicated: “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.

“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,” he continued.

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